ADB supports new power plant in Vietnam

The Asian Development Bank (ADB) has approved a US$ 309.9 million loan for a new 750 MW power plant in southern Vietnam.

Vietnam's power consumption is currently growing at a rate of +15% year on year, with double-digit growth expected for the foreseeable future.

The country's power sector development plan aims to more than triple energy capacity from 18500 MW in 2010 to 60000 MW by 2020.

The new O Mon IV plant will open in June 2016. It will cost a total of US$ 793.5 million to develop, with Germany's KfW Bankengruppe contributing US$ 370 million. State-owned Electricity of Vietnam (EVN) and the Government of Vietnam will provide funding of US$ 113.6 million.

The new combined cycle gas turbine plant is one of four being developed at the O Mon thermal power complex in Can Tho province, about 250 km south of Ho Chi Minh City.

A second plant at the complex is to be bid out to private investors, while the Government of Japan is funding two others in conjunction with EVN.