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Monday, May 17, 2021

South Korean power firm to invest in Vietnam’s thermal power project

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HCMC – The Korea Electric Power Corporation (KEPCO) is set to secure a 40% stake in the Vung Ang 2 thermal power plant project with a capacity of 1,200 megawatts (MW) in Ha Tinh Province.

KEPCO has confirmed that it would invest in a coal-fired power project in Vietnam which involves some South Korean and Japanese firms, reported South Korea’s AJU Business Daily.

The South Korean firm targets to complete the construction of the thermal power plant by January 2025.

Samsung C&T and Doosan Heavy Industries & Construction in South Korea will participate in the design, procurement and construction processes for the project, according to VietnamPlus news site.

Initially, the US$2.2-billion project involved Japan’s Mitsubishi and CLP, an electric firm based in Hong Kong. As CLP withdrew from the project, KEPCO decided to buy the stake owned by the former.

Vietnam’s electricity demand growth rate has been faster than that of other Southeast Asian countries. Electricity from fossil fuels is still playing a key role in the country’s power supply.

However, many environmental experts have voiced their concerns over the pollution caused by the Vung Ang 1 thermal power plant with a designed capacity of 1,200 MW.

KEPCO, which has invested in a coal-fired power plant project in Indonesia, said that it would apply new technologies to minimize carbon emissions from the Vung Ang 2 power plant.

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