Doosan wins US$ 1.3 billion power plant contract

14 December 2010

Doosan Heavy Industries & Construction has signed a contract worth US$ 1.3 billion with power company AES's Vietnamese subsidiary, AES-VCM Mong Duong Power, to build the Mong Duong II Thermal power plant of northeast of Hanoi.

The engineering, procurement and construction contract is for a 1240 mW coal power plant in the province of Quang Ninh, planned to be commercially operational by 2015.

AES in April signed a 25-year power purchase agreement with state-owned power company Electricity Vietnam (EVN) for the Mong Duong II coal-fired plant.

The company said that all local approvals, including environmental permits, had been secured for the project, which would use local anthracite coal.

AES VCM has a 90% ownership interest in the Mong Duong II project, while state-owned Vinacomin controls the remaining 10%.

Paul Hanrahan, president and CEO of AES Corporation, said there was a growing need for such projects in the energy-hungry region.

"Expanding into Vietnam is a key part of our strategy of pursuing new opportunities in Asia, where growth in demand for electricity is projected to outpace much of the rest of the world."

AES said demand for electricity in Vietnam over the last five years increased an average of +13.5% annually, and is projected to grow an average of +15% per year over the next decade.

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