EVN borrows trillions of dong for power projects
According to sources from Vietnam Electricity (EVN), to ensure the investment, EVN is actively working with banks to complete procedures and sign credit contracts for urgent power and grid projects.
Vietnam Develop bank (VDB) is completing internal process to sign additional 2.5 trillion dong contract loan for thermal power projects Vinh Tan 2, Duyen Hai 1. Besides, VDB agreed for additional lending of 421 billion dong for Dong Nai 3 and 449 billion dong for Ban Ve hydropower projects.
Besides, VDB and EVN are negotiating for 660 billion dong for 500kV transmission line Quang Ninh – Mong Duong project, and for 891 billion dong for compensation of 11 projects. In addition, EVN is completing procedures of 11 projects, worth 811 billion dong, to summit to ADB for approval
Vietnam National Power Transmission Corporation (EVN NPT) has chance to borrow 3.01 trillion dong from BIDV for nine transmission projects. However, this lending contract needs an official opinion from prime minister in form of decision or document.
Vietinbank also evaluated 6.2 trillion dong loan record for Duyen Hai 3 project. Currently, government office is asking for opinions of ministries before submitting to prime minister for final decision.
Meanwhile, Vietcombank considers lending EVN to carry out coal port Coaster Power Centre project; Agribank will also consider lending EVN for other projects when receiving direction from prime minister.
This corporation informs that EVN is working with banks and credit institutions to arrange outstanding capital for other power projects, such as signing contract with Vietinbank for addition 343 billion dong for hydro power project in Ban Ve. Besides, EVN is negotiating with Korean Eximbank for additional 510 million US dollar for Mong Duong 1 project and with Industrial and Commercial Bank of China for 206 million US dollar loan for Duyen Hai project.
On November 8, ENV and World Bank (WB) Vietnam signed credit protocol for efficient power distribution in Vietnam. Total project value is 800 million US dollar, in which ADB contributes 449 million US dollar, 30 million US dollar come from Clean Technology Fund, 8 million US dollar come from Australian Agency for International Development (AusAID), and the rest 313 million US dollar come from Vietnamese government.
In late October, ADB and SBV signed a memorandum for 110.19 million US dollar loans for "Investment in the transmission 2″ project, of which EVN is an investor.
