Thermal power plant transferred to state utility EVN after BOT contract ends
The 715 MW Phu My 3 thermal power plant has been transferred to state utility Vietnam Electricity (EVN) for ongoing operation after its build-operate-transfer (BOT) contract ended.
The three foreign investors of the project, namely Sembcorp Utilities Pte. Ltd. from Singapore and Japanese firms Kyuden International Corporation and Sojitz Corporation signed an agreement with EVN for the move on Friday.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan (standing) at the signing ceremony in Hanoi on March 1, 2024. Photo courtesy of the Ministry of Industry and Trade.
The $450 million power factory, located in the southern coastal province of of Ba Ria-Vung Tau entered commercial operation on March 1, 2004, and the BOT contract ended 20 years later.
It was the first power factory in Vietnam following the BOT format and fully invested by foreign businesses, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said at the signing ceremony.
After the transfer, Phu My 3 thermal power plant will continue operations and it expected to generate 4.6 billion kWh for Vietnam annually. EVN’s Power Generation JSC 3 (EVNGENCO3) is the new operator of the facility.
In November 2023, Deputy Prime Minister Le Minh Khai signed a decision on EVN taking over two thermal power plants in the southern region after their BOT contracts end. The plants, both in Ba Ria-Vung Tau province, are Phu My 3 and Phu My 2.2.
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