Indian investor eyes Vinh Tan 3 thermal power project in central Vietnam
Adani Power Limited under Indian conglomerate Adani has expressed interest in developing the Vinh Tan 3 thermal power plant in Vietnam’s central province of Lam Dong.
The move came after ON Energy, which holds a 49% stake in Vinh Tan 3 Energy JSC (VTEC) - the project’s investor, announced its plan to divest from the project, according to the municipal People’s Committee.
VTEC was established by a consortium of ON Energy - a renewable energy division under KTG Group, state-owned utility Vietnam Electricity (EVN), and Pacific Corporation.
Vinh Tan Power Center in Vietnam's central province of Lam Dong. Photo courtesy of Thanh Nien (Young People) newspaper.
The project, located in the Vinh Tan Power Center in Vinh Hao commune, Lam Dong province - formerly Vinh Tan commune in Tuy Phong district, Binh Thuan province - has completed site clearance, covering 56.11 hectares. Last July, Lam Dong, Binh Thuan, and Dak Nong provinces were merged to form the current Lam Dong.
VTEC has submitted a report to the Ministry of Industry and Trade seeking approval to change its shareholders, with the ministry requesting further clarification on several issues before granting the proposal.
The People’s Committee said the project continues to be included in Vietnam's adjusted National Power Development Plan VIII for 2021-2030, with vision to 2050.
The committee has therefore proposed that Prime Minister Pham Minh Chinh, Deputy Prime Minister Bui Thanh Son, and acting Minister of Industry and Trade Le Manh Hung consider directing the project’s implementation to ensure efficient land use and support local socio-economic development, while taking investment incentives into account.
If the project fails to meet the planned timeline for the 2025-2030 period, authorities may consider adjusting the schedule, it said.
The 1,980-MW Vinh Tan 3 is among the biggest coal-fired plant projects in Vietnam. It was initially invested by EVN, Pacific Corporation, and a joint venture invested by Japan’s Mitsubishi.
In 2021, Mitsubishi withdrew from the project amid the trend of not using fossil fuels; and the project has been seeking a replacement since.
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