PV Power proposes $4 bln power complex in central Vietnam

PV Power, a subsidiary of state-owned Petrovietnam, has proposed constructing an energy complex in the central province of Ninh Thuan with an estimated investment of $3.98 billion.

The project will include a 1,440 MW pumped-storage hydropower plant (of six turbines); a 3,500 MWp solar farm; and a 350 MW battery energy storage system (BESS), PV Power executives said last weekend at a meeting with provincial authorities.

The power complex, located in Lam Son commune, Ninh Son district, will have a designed capacity of 5.87 billion kWh per year. Its hydropower and solar power components will take up 184.2 ha and 2,000 ha, respectively.

If approved, the project investor will begin implementation in 2026 and have it operational by end-2030. The project will make Ninh Thuan the nation’s a preeminent energy and renewables hub, PV Power said.

Ninh Thuan Vice Chairman Trinh Minh Hoang appreciated the project proposal and said the province would work with PV Power on the next steps and procedures.

Hoang asked the company to consider combining the hydropower plant and the solar farm in order to save the large area of land needed for solar power development.

Ninh Thuan has called for investment in nine power projects including a 1,200 MW pumped-storage hydropower plant in Ninh Son and Bac Ai districts with an estimated cost of VND22,865 billion ($903.6 million).

With eight operational power plants that have a combined capacity of 4,205 MW, PV Power is the second-largest exchange-listed power generator, only behind EVNGENCO3 Corp with a capacity of 7,000 MW. PV Power now accounts for 5.4% of Vietnam’s designed power generation capacity.

The firm is striving to complete work on the Nhon Trach 3 and 4 LNG-fired power plants in the southern province of Dong Nai, which have a combined capacity of 1,500 MW. The Nhon Trach 3 plant is scheduled to start commercial operations in November 2024, with Nhon Trach 4 following six months later.

For this year, the firm has targeted pre-tax profits of VND995 billion ($39.3 million) on revenues of VND31.7 trillion, down 31% and up 9% year-on-year, respectively.

Its H1/2024 pre-tax profit and revenues are estimated at VND657 billion ($26 million) and VND15.82 trillion, respectively.

Shares of PV Power, listed on the Ho Chi Minh Stock Exchange as POW, closed Wednesday down 6.7% at VND13,900 ($0.55) apiece.