Sembcorp Industries (Sembcorp), through its 67%-owned joint venture Phu My 3 BOT Power Company Ltd, on Friday commemorated the transfer of Phu My 3 Power Plant to Vietnam Electricity (EVN) after 20 years of successful commercial operations.
In accordance with the terms of the build-operate-transfer (BOT) contract, EVN was appointed by the Vietnamese government to manage the power plant following the joint venture’s completion of its contracted term of operation.
The Phu My 3 Power Plant, located in Ba Ria-Vung Tau province, was Vietnam’s first independent power project, and also the first BOT power project in the country.
Under the stewardship of the joint venture partners – Sembcorp, Kyuden International Corporation, and Sojitz Corporation – the facility has consistently delivered reliable and sustainable power, contributing significantly to the economic and social development of the community.
The well-established operations and management of the plant have also fostered increased participation from foreign investors, driving Vietnam’s economic growth.
Commissioned in 2004, the facility played an instrumental role in advancing knowledge sharing within the emerging combined cycle power generation industry.
The project provided about 100 jobs and enabled the workforce to acquire valuable engineering skills. Notably, 30% of the staff have remained with the facility since it started operations, as the firm continues to offer development and growth opportunities.
The plant has achieved an impressive string of 15 esteemed national awards, including the prestigious First Class Labor Medal awarded by the president of Vietnam in 2019. In the past 10 years, it has also clocked 5.7 million safe man-hours.
Beyond its day-to-day operations, Phu My 3 BOT Power Company Ltd. has made noteworthy contributions to healthcare programs, education needs, and supporting underprivileged families in the community. This includes sponsoring medical equipment for hospitals, houses for the poor, student scholarships, and supporting blood donation drives.
"Sembcorp has contributed to Vietnam’s power industry and urban development for over two decades, and the smooth transfer of the Phu My 3 Power Plant will continue to underpin Vietnam’s energy needs," the Singaporean company said in a release.
"Sembcorp continues to be a trusted long-term partner for Vietnam in its energy transition and economic progress, supporting important pillars of the Power Development Plan 8, including renewable energy," it added.
Sembcorp Industries (Sembcorp) is a leading energy and urban solutions provider, driven by its purpose to play its part in driving energy transition towards a low-carbon future responsibly. Headquartered in Singapore, Sembcorp leverages its sector expertise and global track record to deliver innovative solutions that support the energy transition and sustainable development.
The company has a balanced energy portfolio of 21.3 GW, with 13.8 GW of gross renewable energy capacity globally. It is also an urban developer with a portfolio spanning over 14,000 hectares across Asia and has a proven track record of transforming raw land into urban developments.