A US$470 million financing facility backed by Germanys Export Credit Agency and Japans Nippon Export and Investment Insurance has been arranged for the 750MW PetroVietnam Nhon Trach 2 Combined Cycle Power Plant project in Dong Nai Province, Citi Viet Nam announced yesterday.
A US$470 million financing facility backed by
The package represents the largest deal in
The German agency will support $295 million of the 12-year financing facility while the Japanese agency will back the remaining $175 million. The entire facility will be guaranteed by
"The Nhon Trach 2 Power Plant is a pivotal infrastructure project helping to meet
PetroVietnam Nhon Trach 2 Power Joint Stock Co is a 62.8 per cent-owned subsidiary of the State-owned oil and gas giant, the PetroVietnam Group. The remaining shareholders include Electricity of Viet Nam (EVN), Viet Nam Post and Telecommunication (VNPT), Vinacomin, Company for Technology Development (CFTD) and the Bank for Investment and Development of Viet Nam (BIDV), as well as
PetroVietnam Nhon Trach 2 Power Joint Stock Co CEO Hoang Xuan Quoc called the plant a project of national importance and said it was part of
"By March 2011, electricity generated from this plant will contribute towards the meeting the increasing power demands throughout the country and consolidating the position of PetroVietnam as the second leading power generation entity in
Natural gas for the plant will be supplied by PetroVietnam Gas Corp (PV Gas) via pipeline, and the EVN will buy the output of the plant through the national grid.
(Source: VNS)
