|The model of a massive thermal power plant that will be built in the northern province of Nam Dinh, starting next year. — VNS File Photo
HA NOI (VNS) — Northern Nam Dinh province will support the construction of a US$4.5 billion Hai Hau thermal power plant in Hai Hau District beginning in 2014, said the province's chairman Nguyen Van Tuan.
The 2,400MW plant, which is 95 per cent funded by the Republic of Korea's Taekwang Vina Company and 5 per cent by Vietnamese partners, will span an area of 251ha in Hai Ninh and Hai Chau Communes.
Chairman Tuan called the plant one of the key components in the socio – economic development plan for Nam Dinh Province in 2014, adding that the provincial government would assist in clearance at the plant site.
Being designed in two phases, two turbines with a total capacity of 1,200 MW will be built in 2016-17, while the other two turbines, with the same capacity, will be built in 2020-21.
The plant will operate under a BOT agreement (build, operate and transfer) for 25 years, with estimated revenues expected to reach $25 billion.
According to Pham Quoc Khanh, deputy director of the provincial planning and investment department, Taekwang Vina was arranging the financing, contracts for the plant, especially BOT contracts, as well as approving the feasibility report. — VNS