Cavico signs additional contract for Hua Na Hydropower plant

10 February 2010 - Cavico Corp. signed an additional construction contract at the Hua Na Hydropower plant with Lilama, a state-owned company owned and operated by the Vietnamese Ministry of Construction. The revenue for this additional contract is expected to be $11.9 million. Cavico signed the initial contract for $4.9 million with Lilama for construction work at this project in April 2009.

According to the term of this new agreement, Cavico’s majority-owned subsidiary, Cavico Power & Resource, will be responsible for the construction of the sub headrace tunnel No. 2, a water diversion tunnel and a surge sharp tank. The Hua Na Hydropower plant, a twin turbine plant which requires a capital investment of approximately $250 million is located on a 20.6 square kilometer property in the Dong Van village of the Nghe An province near the Chu River. Once completed, the hydropower plant is expected to generate approximately 180 megawatts of power and will supply 706 million kilowatt hours annually. The plant will help meet a material electricity demand in Vietnam and significantly alleviate shortages currently experienced in the Central provinces, which includes the Nghe An, Ha Tinh and surrounding provinces. Cavico expects to complete this project in five years.

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