The Japan Bank for International Cooperation (JBIC) has signed a loan agreement with Vung Ang II Thermal Power Limited Liability Company (VAPCO), a Vietnamese company invested in by Mitsubishi Corporation and others. JBIC will provide project financing amounting to up to approximately US$636 million for the Vung Ang 2 coal-fired power plant in the Socialist Republic of Viet Nam, under JBIC's Growth Investment Facility. The loan is co-financed with private financial institutions as well as the Export-Import Bank of Korea (KEXIM). The total co-financing amount is approximately US$1,767 million.
In this project, VAPCO will build, own, and operate an ultra-supercritical coal-fired power plant with an installed capacity of 1,200 MW (two units of 600 MW each) in the Vung Ang district, Ha Tinh province in central Vietnam. The electricity generated from this plant will be sold to Vietnam Electricity (EVN), the country’s state-owned power utility company, for 25 years.
