Tan Tao Group works with foreign consultants to arrange loans for Kien Luong 1 thermal power complex
Morning, May 03, 2010 - At Tan Tao Group’s Office in Hanoi, the Group’s Chairwoman Dang Thi Hoang Yen chaired the meeting with foreign consultants to reach an agreement on the plan and schedule for completion of borrowing procedures to achieve financial close in the late third quarter of 2010 and to put the both generating units of Kien Luong 1 Power Complex into operation in early 2014.
Kien Luong 1 Thermal Power Complex with the capacity of 1,200MW is the first BOO (Build, Own, Operate) project in Vietnam. After completion of its three phases, Kien Luong Thermal Power Complex with a total capacity of 4,400MW will significantly contribute to satisfy the increasing power demand in Vietnam. Furthermore, Kien Luong 1 is also Vietnam’s first thermal power plant using coal imported from other countries. For that reason, Kien Luong 1 Power Complex has received large support from the Government.
The project’s consultants specializing in multiple fields and from various countries are well established, experienced in large power plants, including Standard Chartered Bank (England) – Financial consultant, Mott MacDonald (England) -Engineering consultant, Orrick (United States) – Law consultant, Deloitte (Vietnam) – taxation and accounting consultant, Marson (United States)- Coal consultant, Willis (Singapore) – Insurance consultant, Black&Veatch (United States) – Feasibility study consultant....
Over the past two years, Kien Luong 1 Thermal Power Complex project attained important achievements. The project obtained the Investment Certificate in July of 2010, completed the land compensation and technical infrastructure construction in October of 2009, got the Government’s guarantee in July of 2009, obtained the approval decision for the Environmental Impact Assessment in July of 2009 and reached an agreement with Chinese lenders to arrange loans for the entire project. Especially, Sinosure, the Chinese Government’s export credit insurance corporation, visited and worked with Tan Tao Group and Vietnam’s Ministry of Finance and affirmed to provide insurance coverage for the project.
At present, the project documents are promptly undertaken with the schedule as follows:
- To sign the EPC Contract within May of 2010
- Coal purchase agreement will be negotiated in May of 2010 between Marston consulting and the leading coal suppliers in Indonesia, Australia and Russia to select reliable suppliers for the Project.
- To complete the PPA and the GGU in June of 2010.
Chairwoman Dang Thi Hoang Yen and the consultants affirmed the determination to give top priority to Kien Luong 1 Thermal Power Complex and it would endeavor to achieve financial close in conformity to the guarantee with the Vietnam Government to put the two generating units into operation in early 2014.
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