Home / New & Media / Industry News / AES to sell stake in 1.24GW coal-fired power plant in Vietnam
07/01/2021
AES to sell stake in 1.24GW coal-fired power plant in Vietnam

The company owns 51% stake in the Mong Duong 2 power plant that was completed in 2015


AES, an American energy company, has agreed to sell its stake in the 1.24GW Mong Duong 2 coal-fired power plant in Vietnam to a consortium led by a US-based investor.

The Mong Duong 2 power plant is owned by AES with 51% stake, Posco Energy owns 30% of the stake and the remaining 19% stake is held by Stable Investment Corporation, a subsidiary of China Investment Corporation.

The power plant’s construction was completed in 2015 under a build-own-transfer (BOT) contract and the power generated from it is sold to Vietnam Electricity (EVN), a state-owned utility, under a 25-year power purchase agreement (PPA).

AES president and CEO Andrés Gluski said: “We have had a very positive experience in developing, building and owning Mong Duong 2 and Vietnam remains an important growth market for AES, where we look forward to contributing to the country’s transition to a more sustainable energy future.

“In line with our global strategy to invest in renewables and LNG infrastructure, in Vietnam we continue to make good progress on the development of the 450 TBTU Son My LNG terminal with PetroVietnam (PVN) and the 2,250 MW Son My 2 combined cycle gas power plant.”

The deal is subject to regulatory approvals from the Government of Vietnam and is expected to close later this year or early next year.
Last October, AES was reportedly set to sign a deal with PetroVietnam Gas to develop a $2.8bn LNG import terminal and a power plant in Vietnam.

Vietnam is building several LNG-based power plants and the first project is set to be operational by 2023, Reuters reported.

The plans are expected to result in LNG becoming the country’s major energy source for its growing economy.

Source: NSENERGYBUSSINESS.COM

You may be interested in...

KEPCO to join coal power plant project in Vietnam

12/10/2020
Korea Electric Power Corporation (KEPCO) has decided to take part in a...
Learn more

Mainstream, AIT to co-develop 500-MW wind project off Vietnam

05/11/2020
Ireland’s Mainstream Renewable Power will partner with Advance Information Technologies Corporation (AIT)...
Learn more

EVN will provide maximum support for rooftop solar investors

16/06/2020
At the meeting on June 11, 2020 with the Power Corporations, Mr....
Learn more

Effective solution in cost saving and reducing load for power source

22/06/2020
In recent years, the installation of rooftop solar panels has appeared and...
Learn more
×

FanPage

Electric & Power Vietnam
×
Electric & Power Vietnam Rescheduled
Dear Participants, After careful deliberation with key industry members and partners, Informa Markets in Vietnam, the organiser of Electric & Power Vietnam 2020, has taken the difficult but necessary decision to reschedule the event, originally scheduled for 17-19 November 2020 at Tan Binh Exhibition and Convention Center (TBECC), Ho Chi Minh, to 10–12 November 2021 at Saigon Exhibition and Convention Center (SECC), Ho Chi Minh.
More detail