Delayed coal-fired power plant in southern Vietnam secures $980 mln loan from Eximbank Malaysia
Malaysia-based Toyo Ink Berhad and its wholly-owned Vietnam subsidiary, Song Hau 2 Power Company Ltd., have secured a $980 million loan from Eximbank Malaysia to develop a $3 billion coal-fired power plant in southern Vietnam.
Representatives of Toyo Ink Berhad and Song Hau 2 Power Company Ltd. ink an agreement with Eximbank Malaysia for a $980 million loan on June 7, 2024. Photo courtesy of Nang Luong Vietnam (Vietnam Energy) magazine.
The financing will be used for the design, equipment purchase, construction, and operation of the long-delayed Song Hau 2 thermal power plant in Chau Thanh district, Hau Giang province.
Singapore-based i-Power Solutions Pte Ltd will arrange capital for equipment purchases for the project via Eximbank Malaysia.
Hau Giang province and Toyo Ink Behard signed a facility agreement for the 2,120 MW project under the build-operate-transfer (BOT) format in December 2015.
Vietnam’s Power Engineering Consulting JSC 2 (PECC2) and Sunway established the Sunway-PECC2 consortium as the engineering, procurement and construction (EPC) contractor for the project in December 2022, the Malaysian investor clarified in a filing sent to the Bursa Malaysia stock exchange in May.
The project missed the initial deadline for completion in Q2/2022, partly due to the investor’s inability to meet its capital obligations.
The power plant is one of five coal-fired power projects prioritized in the national Power Development Plan VIII (PDP VIII). The Vietnamese Ministry of Industry and Trade has extended its deployment deadline to June 2024, failing which it could be terminated.
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