The project, which opened to bidding last week, has a total investment of VND7.1 trillion ($269.76 million) and is planned across 49 hectares in Kim Dong, Binh Minh, and Dinh Hoa communes.

Designed as a flexible power generation facility fueled by LNG, the project will initially develop 300 MW of capacity in its first phase before expanding to a total of 1,500 MW in a second phase.

The development will also include a dedicated fuel terminal and a 16-km double-circuit 220-kV transmission line connecting to the regional grid.

Illustration of the Ninh Binh flexible power plant project in Ninh Binh province, northern Vietnam. Photo courtesy of local authorities.

According to project plans, the plant will use flexible internal combustion engine (ICE) technology supplied by Finland-based Wartsila, allowing it to respond quickly to fluctuations in electricity demand and complement the growing share of renewable energy in Vietnam’s power mix.

The project forms part of Vietnam’s broader energy transition strategy, with authorities planning to gradually retire the existing Ninh Binh thermal power plant while introducing more flexible gas-fired capacity to strengthen energy security and support electricity demand growth.

The participation of EVNGENCO3 brings extensive experience in large-scale power generation and project development. Established in 2012, the company is one of Vietnam’s three largest power generation corporations, operating a portfolio with total installed capacity of approximately 6,500 MW, equivalent to more than 8% of the country’s power system.

In addition to managing existing power assets, the company has developed several major projects, including the 1,200-MW Vinh Tan 4 thermal power plant, the 600-MW Vinh Tan 4 expansion project, the 600-MW Thai Binh thermal power plant, and the 42.65-MWp Vinh Tan 2 solar power project.

Its consortium partner, Thuan Hai, has grown into one of Vietnam’s leading private industrial energy companies. Founded in 2010, the company has participated in over 135 industrial energy projects.

The company is best known for providing steam, heat, power and fuel solutions to industrial parks and manufacturing facilities across Vietnam. Its core businesses include biomass power investment and operation, industrial boiler systems, coal and biomass fuel supply, fuel logistics, and integrated energy solutions for industrial customers.

In recent years, Thuan Hai has expanded aggressively into renewable and low-carbon energy, developing biomass and cogeneration projects while supplying fuel to foreign-invested manufacturers in sectors ranging from textiles and paper to food processing and wood products.