Vietnam ministry cancels coal-fired Song Hau 2 power plant, Malaysian investor explores options
Vietnam’s Ministry of Industry and Trade has terminated the $3 billion Song Hau 2 thermal power plant and sent a notice to Malaysia’s Toyo Ink Group Berhad, the parent firm of the project investor.
The Vietnamese ministry sent the notice on July 1, immediately after the project reached its deadline at end-June to remedy the financial arrangement, according to a Thursday filing sent to the Bursa Malaysia stock exchange by Toyo Ventures Holdings Berhad, the parent firm of Toyo Ink Group Berhad.
Toyo Ventures Holdings Berhad is evaluating the development and “will be seeking legal advice to explore appropriate actions and remedies” for the project, according to the filing.
An illustration of Song Hau 2 coal-fired BOT power plant. Photo courtesy of Power Engineering Consulting JSC 2.
Hau Giang province and Toyo Ink Behard signed an agreement to build the 2,120 MW project under the build-operate-transfer (BOT) format in December 2015.
The project missed its initial completion deadline of Q2/2022, partly due to the investor’s inability to meet its capital obligations.
Last month, the investor secured a $980 million loan from Eximbank Malaysia to develop the project. The financing will be used for the design, equipment purchase, construction and operation of the long-delayed thermal power plant located in Hau Giang's Chau Thanh district.
Earlier this week, Song Hau 2 Power Company Limited, the investor of the long-delayed thermal power plant, extended the issuance of a Note to Proceed (NTP) for the project to December 31 or earlier.
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