The meeting on April 19

Ho Hong Ky, chairman of PV Power’s Board of Directors stated at the annual shareholders' meeting that the first turbine for the thermal power plants is expected to come into operation in October 2024 and the second one will be running in April 2025. The plan is for the boiler system to be established in late 2023.

In March, PV Power and the consortium of contractors – Samsung C&T Corporation and Vietnam Machinery Erection Corporation – signed the engineering, procurement, and construction contract for the two power plants and other relevant agreements.

With the total value of $940 million, the contract is considered the most important for the project, fundamentally deciding the success and efficiency of the project.

The project has a total investment capital of $1.4 billion. PV power is committed to ensuring sufficient capital for the projects including 25 per cent from equity and 75 per cent from loans from export credit (ECA). $300 million will come from foreign commercial sources and around $170 million from domestic banks.

The corporation has signed extended-term letters of authorisation with Citi Bank – US – and ING – Netherlands – to arrange ECA loan sources for the two power plant projects.

The investor and Japanese Bank SMBC have plans to sign a letter to secure $200 million of additional finance.

The Nhon Trach 3 and 4 power plants are set to be built in Ong Keo Industrial Park in the southern province of Dong Nai province. With its favourable location and the solid infrastructure of the Southern Key Economic Zone, Dong Nai has become the focus of attention for property developers in recent years.