Doosan, Mitsubishi Win $1.5 Bln Deal to Build Power Plant in Vietnam
State-owned Electricity of Vietnam, or EVN, has awarded a $1.5 billion contract to a consortium of Doosan Corp. (000150.SE), Mitsubishi Corp. (8058.TO) and two Vietnamese firms to build a coal-fired power plant in southern Vietnam.
Construction of the 1,200-megawatt Vinh Tan 4 plant in Binh Thuan province will begin in the first quarter next year and is scheduled for completion by the end of 2017, EVN said in a statement late Monday.
The consortium will be responsible for designing, purchasing equipment and building the plant 250 kilometers north of Ho Chi Minh City, EVN said.
It said 85% of the cost of building the plant will be funded by loans from Korea Eximbank, Korea Trade Insurance Corp. and Japan Bank for International Cooperation. The remaining 15% will come from EVN.
The plant will use imported coal, it said, without elaborating.