The Republic of Korea’s Taekwang Power Holdings Co., Ltd will work with authorities from the northern province of Nam Dinh to accelerate the construction of a thermal power plant in Hai Hau district so that it can be put into use by 2020.

The 4.5 billion USD power plant, which is 95 percent funded by Taekwang and 5 percent by Vietnamese partners, will cover an area of 251 hectares in Hai Ninh and Hai Chau villages.

The plant will have four turbines with a combined capacity of 2,400 MW. Two turbines with a total capacity of 1,200 MW will be built in the 2016-2017 phase, while the two others, of equal capacity, will be built in the 2020-2021 period.

It will operate under a BOT (build-operate-transfer) scheme for 25 years, with revenue expected to reach 25 billion USD.

The RoK company has completed two negotiation rounds on the BOT contract related to selling and purchasing electricity and coal with Electricity of Vietnam (EVN) and the Vietnam National Coal and Mineral Industries Group (Vinacomin) respectively.

It also worked with the local Department of Natural Resources and Environment and the Hai Hau district’s People’s Committee to discuss various issues on land acquisition, ground clearance and land registry mapping, Taekwang Chief Representative Park Hyang Soo told Chairman of the provincial People’s Committee Nguyen Van Tuan at a recent meeting.

Chairman Tuan asked Taekwang to complete procedures soon to carry out the construction of Thinh Long bridge utilising the RoK Government’s official development assistance (ODA) capital to serve the plant.

Taekwang is arranging financing, contracts for the plant, especially BOT contracts, as well as approving the feasibility report.-VNA