Sumitomo And Hanoinco Plan Project Financing For Van Phong I Thermal Power Plant In Vietnam

Published: Nov 26 2012
Deal Summary

Sumitomo Corporation, a multifaceted business company, and Industrial Investment Corporation Building HN-Hanoinco, a company engaged in construction businesses, plan project financing for the construction and development of Van Phong I coal fired power plant in Khanh Hoa province, Vietnam. The financing will be provided by Japan Bank for International Cooperation and other banks. The total installed capacity of the plant will be 1,320 MW. The total cost of the plant is estimated at $3,800m. The investment per MW will be approximately $2.88m.

The plant will be developed on build-operate-transfer (BOT) contract. The companies have to submit BOT contract for the plant before June 2013. The companies are also negotiating over prices of selling electricity and the conversion of foreign currency.

Nguyen The Vinh, chief project developer of Sumitomo, said, “We are trying our best to get back to negotiating plans soon. Only one or two months later, we expect to start negotiating BOT contract so we would not miss this set deadline."

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