Coal-fired Power Project in Vietnam
Korea Western Power Co. (KOWEPO) announced on January 17 that it signed a Memorandum of Understanding (MOU) with the People's Committee in Vietnam's Quang Tri Province on the second-phase development of a 1,200-megawatt coal-fired power plant in the province.
KOWEPO and Quang Tri Province reached the MOU through multiple negotiations based on bilateral close cooperative relationship. The project will build the coal-fired power plant in the total project cost on Jiurang Coast of Quang Tri in the central region of Vietnam by investing about US$ 1.85 billion and enable KOWEPO to own and operate the power plant for 25 years.
Korea Western Power will carry out construction management (CM) and O&M services in the future by leading business development from the early stage of the project and the People's Committee in Quang Tri will aid the Korean power generation company to acquire various permits and licenses related to power plant construction from the Vietnamese government.
"We will establish a growth base in Vietnam and making a full-scale entry into the Indochina power generation market by successfully completing this project,” said Jung Young-chul, general manager of the Planning and Management Division of KOWEPO prior to signing the MOU, "We will actively respond to the Government 3.0 project by forging ahead with this plan as a project to export the electric power industry through cooperation and communication with small and mid-sized Korean companies."
Meanwhile, a basic investment prospectus for the project is currently under preparation with the completion of the power plant slated for the end of 2024. Electricity produced by the power plant will be supplied firstly to Quang Tri Industrial Park and Economic Zone, main development projects of Quang Tri Province in Vietnam.