Petrovietnam secures $95M loan to build coal-fired plant

Petrovietnam has secured a $95 million loan to build a $1.6 billion coal-fired power plant in central Vietnam.

Petrovietnam as the operator will invest 30% of the costs to develop the project.

Two Japanese banks wil provide the loan: International Cooperation, which will provide $57 million, and Sumitomo Mitsui, which will provide $38 million.

Petrovietnam deputy chief executive Nguyen Tien Dung said that the loan completes the funding package of $1.2 billion for the plant.

The first generator of 1,200MW plant in Ha Tinh province is expected to commence operation in July 2012.

The company secured $904m for the project from a consortium of foreign banks which included HSBC , China Development Bank, Bank of Tokyo-Mitsubishi UFJ, Credit Suisse and Italy-based Intesa SanPaolo.