Coal-fired plant construction financing set by AES

AES Corp. (NYSE: AES) closed $1.5 billion of long-term non-recourse construction financing for its 1,200 MW Mong Duong II coal-fired power plant in Vietnam.

Doosan Heavy Industries and Construction Co. Ltd. will be the engineering, procurement and construction contractor. The plant will sell its output to Vietnam Electricity through a 25-year power purchase agreement.

AES also entered into a 25-year coal supply agreement with the Vietnam National Coal-Minteral Industries Group.

AES has a 51 percent ownership interest in the $1.95 billion project, PSC Energy Global Co. Ltd. owns 30 percent and Stable Investment Corp., a unit of China Investment Corp., owns 19 percent. Twelve commercial banks and two Korean government export credit agencies participated in the financing transaction.

The plant is expected to be operational by 2015.

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