Nam Chien 2 Hydropower Plant

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North-Western Power Investment and Development JSC was planning the development of the 32 MW Nam Chien 2 hydropower plant, near Chieng Muon and Chieng San communes, Muong La district, Son La province. The project was expected to generate 131,730 MWh annually, delivered to the national grid via a 110kV transmission line. Construction was expected to take 41 months, and the project was reported to have a 20 year life span, based on the maximum life span of twenty years as reported under the UNFCCC/CDM framework. The project was to receive Feed-in-tariffs of VND 606.3 per kWh (without VAT tax of 10%). A 2% resource tax is levied in vietnam. The project was also eligble for income tax breaks, 0% for the first 4 years, 5% for the next 9 years, 10% for the next 2 years and 28% for the remaining years. O&M costs were estimated at VND 3.1 billion ($0.14 million). Construction work was done by Cavico Mining. The tunnel works (1300mx4.8m) was done for $2.4 million. The project was commissioned in December 2009. Construction started in early-2007. Financial close was reached in May 2007. The Bank for Investment and Development of Vietnam (BIDV) and the Military Commercial Joint Stock Bank (MCB) were to finance VND 399 billion. Son La BIDV was to provide VND 250 billion, Ha Giang BIDV VND 49 billion and the MCB VND 100 billion. Total investment was estimated at VND 625 billion, implying a 70/30 debt to equity ratio. Total investment cost was estimated at VND 629.2 billion ($30 million). http://www.vietbiz24.com/Articles/1016/5328/finance/local-banks-bankroll-hydro-power-project-in-northwest.aspx Unsure who the shareholders of the JSC are.