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VietNamNews

LienVietPost Bank funds hydro plant

Update: January, 10/2014 - 08:22
Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has signed a contract with Viet Lao Power Joint Stock Company to invest US$193.66 million in a hydropower plant in Laos.— Photo vneconomy

HA NOI (VNS)— Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has signed a contract with Viet Lao Power Joint Stock Company to invest US$193.66 million in a hydro-power plant in Laos.

The company, a member of Song Da Corporation, is the investor of the hydro-power project Xekaman 1, which is part of an energy cooperation agreement between the Vietnamese and Lao governments.

Construction on the $487.17 million plant began in March 2011 on the Xekaman River in Xanxay District, Attapeu Province, 75 kilometres from Kon Tum Province in the Central Highlands of Viet Nam.

The facility is expected to start operating in 2016 and will generate an average 1.2 billion KWh of electricity per year. Eighty per cent of the power generated will be exported to Viet Nam.

Together with LienVietPostBank, Nomura Singapore Limited has invested $50 million, bringing the total financing for the project to $243.66 million. The term of the loan is 14 years. — VNS

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