Amata Power Bien Hoa Ltd.

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Amata Power Bien Hoa was awarded a 26-year license to build, own, operate, and transfer a 120 MW power plant. Power from the plant will be sold to Electricity of Vietnam and several industrial consumers. The project is divided into two phases: the first phase with capacity of 20 MW consists of three 6.4 MW diesel-fired units (the first 6.4 MW unit, which was under construction in mid-1997 and commenced operations in Aug. 1999, while the other two were expected to complete construction in 2001); the second phase comprises the construction of a combined-cycle facility with capacity of 100 MW. In 2000, Banpu acquired 55% of the registered capital in Amata Power from Electrowatt (30%) and from Amata Power (25%) for approximately US$ 2.29 million (the investment was financed with proceeds from a Nov. 1999 bond issuance by Banpu). The first phase of the project (20-MW power plant) involved an investment of US$ 110 million, financed with loans and equity. The second phase of the project (100-MW combined-cycle plant) will be constructed in the future depending on the electricity demand. None None