Saudi Arabia’s ACWA Power and Korea-based Taekwang Power Holdings have signed an Investment Agreement, for the development of Nam Dinh 1 thermal power plant project in Vietnam.
The 1,200 MW power plant, with a total investment of over US$2.2 billion, will be built in the Hai Chau and Hai Ninh communes in Hai Hau district, Nam Dinh province, around 150km southeast of the capital, Hanoi under the build-operate-transfer (BOT) form for 25 years.
The buyer of power from the project will be Electricity of Vietnam (EVN), the government owned national utility. The coal will be supplied by Vinacomin, a government owned coal mine company.
Rajit Nanda, Chief Investment Officer of ACWA Power, stated:
“This agreement is an important stepping stone for our first project in Vietnam. We acknowledge the support of the Ministry of Industry and Trade for this project, and believe that this marks the start of a long and fruitful relationship between ACWA Power and Vietnam.”