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Doosan, the engineering, procurement and construction contractor of the project, which requires a total investment of US$2.79 billion, said the payment was made by Nghi Son 2 Power Limited Liability Company (NS2PC), a joint venture between Japan’s Marubeni Corporation and South Korea’s Korea Electric Power Corporation.
The project is scheduled for completion in July 2022 and will feature two separate 665MW supercritical boilers, high-efficiency turbines and generating units. The two units will be constructed side by side but will be independent to allow greater flexibility and efficiency.
The Nghi Son 2 Thermal Power Plant project will be developed in the north-central province of Thanh Hoa, some 200 kilometers southeast of Hanoi.
The plant is expected to generate 8.1 billion kWh of electricity annually, contributing 3% to the national grid. The electricity generated will be supplied to 6.8 million four-member households across Vietnam, thus improving their living standards.
In mid-April, the Japan Bank for International Cooperation (JBIC) provided NS2PC with a US$560-million loan to complete the 1,200MW thermal power project. The electricity produced by the plant will be sold to the Vietnam Electricity Group for 25 years.
In addition, the project received nearly US$1.9 billion from the Export-Import Bank of Korea (KEXIM), Sumitomo Mitsui Banking Corporation, MUFG Bank, Mizuho Bank, Shinsei Bank, Oversea-Chinese Banking Corporation, DBS Bank and Malayan Banking Berhad.
JBIC and KEXIM will also provide guarantees for the loans offered by private financial institutions.
The project was mentioned in the Japan-Vietnam joint statement issued in June last year as part of efforts to strengthen bilateral cooperation in energy.
JBIC’s loan is aimed at supporting the overseas infrastructure project of a Japanese investor using advanced Japanese technologies, thereby contributing to maintaining and strengthening the international competitiveness of Japanese industries.
In 2011, an international bidding process was launched to choose the developer for the project. The joint venture of Marubeni Corporation and Korea Electric Power Corporation won the tender in March 2013.
The project was granted an investment certificate in June last year.
Since 2012, Doosan Heavy Industries & Construction has won contracts worth more than US$6 billion to build Mong Duong 2, Song Hau 1 and Vinh Tan 4 thermal power projects in Vietnam.
Doosan Heavy Industries Vietnam has employed thousands of Vietnamese workers and has played an important role in the development of the country’s engineering sector and its economy as a whole.