Saudi-Korean co-operation in 1200 MW Vietnamese coal-fired project

A $2bn coal-fired power plant is to be built in Vietnam’s Nam Dinh province by a consortium led by Saudi Arabia’s ACWA Power and Korea-based Taekwang Power Holdings.

The companies have signed a joint agreement to develop the first phase of the plant, to be called Nam Dinh1 IPP.

The coal-fired plant will be equipped with new applications of clean technologies to generate power with coal that will be supplied by Vinacomin, a government owned coal mine company.
Coal power plant
The consortium will undertake the operation and maintenance of the project with ACWA’s subsidiary NOMAC playing an important role, a press statement said.

POSCO E&C from Korea has been selected as a preferred bidder for the engineering, procurement and construction (EPC) of the project.

Rajit Nanda, ACWA’s chief investment officer, told Reuters: “This project in Vietnam is really meaningful to ACWA Power; in fact, this will offer a stepping stone for ACWA Power to eventually expand into its strategic markets of Philippines and Indonesia which have similar cultures and market structures.”

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