A group of banks has agreed to provide US$689.29 million in financing to the Electricity of Viet Nam (EVN) for the 1,200-MW Lai Chau hydropower plant.
The financing comes from four of lenders, including the Vietcombank, Vietinbank, BIDV and Agribank.
HydroWorld.com reported in January that Alstom and its consortium partner, Hydrochina Zhongnan Engineering Corporation, had signed a $144.76 million contract with EVN to provide electromechanical equipment for the project.
Lai Chau is being constructed on Vietnam's Da River and will house three 400 MW turbines -- the first of which is expected to become operational in 2016.
The Lai Chau is one of two large projects being developed on the Da, with the other being the 2,400-MW Son La.
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