Energy Capital Vietnam and other investors pledge to develop LNG-to-power project in Binh Thuan

Mr. David Lewis-Chairman and CEV of ECV, representative for group of investors, confirmed that they started work relating to this project soon after signing MOU with Binh Thuan provincial People’s Committee  on September 22. They have completed all surveys to select the location for the project and set up a pre-feasibility study report and expected to submit planning file to the provincial People’s Committee later this month. He also emphasized that the investors’ group has earned a letter of guarantee for a loan accounting for 70% of the project’s capital from the U.S. Eximbank, Overseas Private Investment Corporation (OPIC and Deutsche Bank. In addition, Moelis & Co has officially become the project’s financial consulting unit. Mr. Lewis reaffirmed that the investors will carry out this project with high determination to ensure its plan. He also hoped that the provincial authorities and functional departments would create the best conditions for the implementation of the project.

Addressing the meeting, vice Chairman Luong Van Hai said that the province’s authority gives the most support to this project and put all trust on the ability of its investors. He asked local departments, agencies actively cooperate with investors to solve problems to ensure the project’ investment plan. The provincial authority will send documents to central agencies to express support for this project.

Reportedly, the first LNG-to-power plant project  in Binh Thuan, which has a total investment capital of USD 50 billion, is expected to be located in Tan Thanh commune-Ham Thuan Nam district. It is planned to be completed in the period of time from 2023-2025 with a combined capacity of 3,200 MW. The source of LNG will be directly imported from the U.S.

Translated by Phuong Lan (Source: binhthuan.gov.vn)