Vietnam’s EVN Secures $1.13 Billion Loan for LNG-Fired Power Plant

Vietnam’s state utility Electricity of Vietnam has secured $1.13 billion in syndicated financing to advance a large LNG-fired power plant, underscoring Southeast Asia’s growing reliance on natural gas to meet rising electricity demand.

(Reuters) — Vietnam's state utility EVN signed an agreement on Jan. 16 for a syndicated loan worth 29.57 trillion dong ($1.13 billion) to build an LNG-fired power plant, the company said.

The loan is provided by four of Vietnam's top banks, including Vietcombank, VietinBank, BIDV and Agribank, EVN said in a statement.

The Southeast Asian country is seeking to ramp up its power generation capacity to keep up with its expanding economy, which grew 8% last year.

The loan will cover around 56% of the funding needed for the 1,500-megawatt Quang Trach II power plant to be built in the central province of Quang Tri, EVN said.

The plant is scheduled to be fully operational by 2030.

($1 = 26,235 dong)