In the deal PV Power will use credit from the bank to fund its operations of Vung Ang 1 thermal power plant and the 500kV power distribution station of the Vung Ang Power Center in the central province of Ha Tinh.
The credit line comes with a term of 12 years
The signing ceremony between Saigon-Hanoi Bank (SHB) and PetroVietnam Power Corporation (PV Power) takes place on November 30
Vung Ang 1, with total investment capital of over VND29.5 trillion (US$1.3 billion), is the largest thermal power station in central Vietnam. The 1,200MW facility can generate 7.2 billion kWh per year for the national grid, helping to ensure energy security for the country.
PV Power, a unit of Vietnam National Oil and Gas Group (PVN), has total chartered capital of more than VND21,000 billion. As of end-June this year, PV Power had had total assets of over VND 71.5 trillion, and reported total revenue of some VND11.7 trillion and pre-tax profit of VND1,220 billion.
