EVN Borrows VND14.5 Trillion for Lai Chau Hydropower Plant
Under the agreement, Vietcombank serves as the lead manager to arrange the syndicated loan of VND14.5 trillion, or roughly US$700 million, with the participation of other co-lenders namely Vietnam Bank for Industry and Trade (VietinBank), Bank for Investment and Development of Vietnam (BIDV) and Vietnam Bank for Agriculture and Rural Development (Agribank).
Lai Chau hydropower plant project, comprising of three turbines with a total designed capacity of 1,200 MW, is the final hydropower project on the Da River approved by the Prime Minister. The plant with a total cost of VND35.7 trillion is expected to provide about 4.6 billion kWh of electricity annually.
Lai Chau hydropower plant started construction in January, 2011. EVN and a consortium of Hydrochina Zhongnam and ALSTOM contractors have signed a bidding package for electrical and mechanical equipment for the project.
The first turbine of the plant will generate electricity in 2016, with the whole scheme set for completion in 2017.