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VietNamNews

Power project loans to hit $3b

Update: January, 10/2012 - 09:45

 

O Mon 1 Thermal Power Plant is under construction. More funding for power plants is coming from Japanese official development assistance. — VNA/VNS Photo Ngoc Ha
HA NOI — The Electricity of Viet Nam (EVN) will borrow US$3 billion from official development assistance (ODA) sources and foreign commercial banks in order to finance electricity projects this year.

Lenders will include the World Bank, the German Reconstruction Bank, the Asian Development Bank, the French Development Agency and the Japan International Co-operation Agency.

Funds will be used to complete the O Mon 3 and 4 thermoelectric projects, improve the national distribution grid and assist the electricity sector in reforming policy.

EVN's total capital expenditures this year are estimated to total about VND75.5 trillion ($3.5 billion), an increase of 18.7 per cent over last year. The investments will enable EVN to bring online eight turbine groups in four different projects with a combined capacity of 1,370MW, as well as begin construction on four other projects with a total capacity of 2,390MW.

EVN also has plans to complete 231 electrical grid projects of 110 to 500kV and begin 60 other projects to build 220-500kV grid. — VNS

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