Quang Trach 2 plant to be built under BOT model with Russian investment.
Inter RAO from Russia signed a memorandum of understanding on January 28 with the Quang Binh Provincial People's Committee over the construction of the Quang Trach 2 thermal power plant.
The project will be invested by the Vietnam Eastern Energy JSC and Inter RAO together with other Russian investors. Total investment is approximately $2.4 billion, according to Mr. Phan Van Thuong, Director of the Quang Binh Department of Industry and Trade, and it will be implemented under the build-operate-transfer (BOT) model.
Construction will be on an area of about 150 hectares in Quang Dong commune, Quang Trach district, and the power plant will have a total capacity of 2,400 MW in both its two phases.
Mr. Thuong said that completion and operation of the plant is expected around 2024-2025. The provincial government will submit the project to the Ministry of Industry and Trade as well as the government in the first quarter of this year. The project will then be handed to the investor.
At the signing, Mr. Nguyen Huu Hoai, Chairman of Quang Binh province, introduced Inter RAO to the strong socio-economic development in the province, especially its potential for tourism development. He hoped that representatives of Inter RAO would act as a bridge to provide information to businesses and investors in Russia who may wish to invest in local tourism development.
Quang Trach 1 thermal power plant in Quang Trich district has already been deployed by the Vietnam Oil and Gas Group (Petro Vietnam), with estimated investment of $1.7 billion and a capacity of 1,200 MW. It will provide about 8.5 billion kWh of electricity per year to the national grid.
Under the direction of the Prime Minister, Quang Trach 1 is one of three thermal power projects designed and manufactured domestically, with the other two being Song Hau 1 and Quynh Lap 1.