The Engineering, Procurement and Construction (EPC) contract has 85 per cent of its capital co-funded by the Korean Eximbank (KEXIM), the Korea Trade Insurance Corporation (K-Sure) and the Japan Bank for International Co-operation (JBIC). The remaining 15 per cent is covered by the project's investor, EVN Power Generation Company 3.—VNS Photo

HA NOI (Biz Hub)— Electricity of Viet Nam (EVN) and its foreign partners signed a US$1.36 billion contract to build Vinh Tan thermal power plant 4, the main facility of the country's largest coal-fired power centre.

The Engineering, Procurement and Construction (EPC) contract has 85 per cent of its capital co-funded by the Korean Eximbank (KEXIM), the Korea Trade Insurance Corporation (K-Sure) and the Japan Bank for International Co-operation (JBIC). The remaining 15 per cent is covered by the project's investor, EVN Power Generation Company 3.

Witnessing the signing ceremony in Ha Noi on Monday, Deputy Prime Minister Hoang Trung Hai said around a third of the contract's workload, including the engineering, would be undertaken by local engineers and technicians, allowing them to absorb new technologies transferred by global giants.

Construction of the twin-turbine plant, located 250km from HCM City in the central province of Binh Thuan, is expected to begin in the first quarter of 2014.

The plant's first turbine is scheduled to become operational in the fourth quarter of 2017 and the second by the end of the third quarter of 2018.

It will use a thermal technology that is environmentally friendly, meeting Vietnamese and international standards on emissions.

Once operational, the plant is projected to generate around 7.2 billion kWh for the national grid.

The Vinh Tan Power Station comprises four thermal power plants with a combined capacity of 5,600 MW. It will generate power mostly for the south-central region. — VNS