Phu My 2.2

Active

Prospective

In January 1999, Mekong Energy Company won the competitve bidding process to build the Phu My 2.2 power plant, a 715 MW, gas-fired combined cycle plant located at the Phu My power complex in the Tan Thanh district of Ba Ria-Vung Tau province. Gas was to be provided by PetroVietnam (the state-owned gas company) from the Nam Con Son offshore gas field under a gas supply agreement signed in September 2001 for 0.85 billion cubic meters per year. The plant was to sell power to state-owned utility Electricite de Vietnam (EVN) at US$ 4.04 cents per kWh under a 20-year power purchase agreement. Mekong Energy was owned by Electricite de France International (56.25%), Sumitomo Corp (28.125%), and Tokyo Electric Power Co (Tepco, 15.625%). This build, operate, transfer (BOT) project was expected to cost US$480 million. Financial closure was reached on October 31, 2002. Total debt was US$340 million and was comprised of a US$75m World Bank (IDA) Political Risk Guarantee (PRG) facility, US$25m ADB PRG facility, US$50m ADB ordinary capital resource (OCR) facility, US$150m Japan Bank for International Cooperation (JBIC) direct loan facility and a US$40m Proparco direct loan facility. Finally, a commercial loan of US$100m was covered by ADB and IDA. Construction started on January 2003, and the plant was formally inaugurated in October 2005.

Energy

Vietnam

World Bank Group

Project

Commercial, Power Generation (CCGT), Power Transmission, Government