AES divests 51% stake in 1.2 GW Mong Duong 2 coal-fired power plant project in Quang Ninh

The AES Corporation has signed an agreement to sell its entire equity interest in the 1,242 MW Mong Duong 2 coal-fired power plant in Vietnam to a consortium led by a US-based investor. This transaction is expected to close in late 2021 or early 2022, subject to customary approvals, including from the Government of Vietnam and the minority partners in Mong Duong 2.

AES owns a 51% equity interest in Mong Duong 2, Posco Energy Company Limited owns 30% and Stable Investment Corporation, a subsidiary of China Investment Corporation, owns the remaining 19%.

The construction of Mong Duong 2 was completed in 2015 under a Build-Own-Transfer (BOT) contract, with a 25-year Power Purchase Agreement (PPA) with Vietnam Electricity (EVN), a state-owned utility.