Korean firm to join Vietnamese power plant project

Posco Power signed a deal with AES Corp. of the U.S. to join a Vietnamese power plant project.

Under the deal with AES, POSCO Power, the utility unit of South Korea's steel giant POSCO, will invest US$151 million in the Mong Duong 2 thermo power plant project currently carried out by the U.S. firm, and hold a 30 percent stake in the project, it said.

The 1,200-megawatt coal-fired power plant in the northern province of Quang Ninh is scheduled to start

commercial operations in July 2015, thus helping to ease power shortages in Vietnam, according to POSCO Power.