The consortium includes Lung Lo Construction Corporation, Song Da Corporation, LILAMA 10 JSC, SCI E&C JSC, Construction JSC 47, Truong Son Construction Corporation, and Vietnam Construction and Import - Export Joint Stock Corporation.

The Bac Ai Pumped Storage Hydropower Plant Project is included on a list of power projects approved by the prime minister in 2016 as part of a national development plan.

Located in Bac Ai district, Ninh Thuan province, the project will have a capacity of 1,200MW with four turbines and generators.

The project will cost an estimated VND21 trillion ($826.4 million), with capital sourced from loans and EVN. The plant is expected to start operations in December 2029, and scheduled for completion by May 2031.

The consortium won the package with a bid of VND4.33 trillion ($170.4 million).

Speaking at the signing ceremony, a representative of the EVN said, "This is the first pumped-storage hydropower project built in Vietnam and is one of EVN's key projects to be implemented in 2025."

EVN has assigned the Power Project Management Board 3 and the consortium of contractors to manage the project and organise construction to ensure compliance with quality and environmental requirements. By mobilising resources and equipment to accelerate progress, the parties will strive to complete the plant on schedule.