South Korea’s Korea Western Power Co. (KOWEPO) has signed a Memorandum of Understanding (MOU) with the People's Committee in Vietnam's Quang Tri Province on the second-phase development of a 1,200-MW coal-fired power plant in the province.
KOWEPO will build the Quang Tri 2 coal-fired power plant with a total project investment of US$1.85 billion and will own and operate the power plant for 25 years.
KOWEPO will undertake the construction and operations and maintenance (O&M) services of the project while the local government will aid the Korean power generation company to acquire various permits and licenses related to power plant construction from the Vietnamese government.
The completion of the coal-fired power plant is scheduled by 2024.
Jung Young-chul, general manager of the Planning and Management Division of KOWEPO, said:
"We will establish a growth base in Vietnam and making a full-scale entry into the Indochina power generation market by successfully completing this project. We will actively respond to the Government 3.0 project by forging ahead with this plan as a project to export the electric power industry through cooperation and communication with small and mid-sized Korean companies."