ACWA Power has made its first foray into the power sector of South East Asia.
The Saudi Arabian power and water company has signed an agreement with Korea’s Taekwang Power Holdings Company Limited to jointly develop a 1200 MW coal-fired independent power project (IPP) in Vietnam.
The Nam Dinh 1 plant will be built at a cost of $2 billion in Nam Dinh Province, 150 km southeast of Hanoi, on a build, own, transfer (BOT) basis. The offtaker of the plant’s power will be Vietnamese utility EVN.
Nan Dinh 1 will employ circulating fluidised bed (CFB) technology and will be built by Korean’s POSCO, which has been selected as the EPC contractor for the project. ACWA Power subsidiary, NOMAC, will undertake operation and maintenance of the plant.
ACWA Power Chief Investment Officer, Rajit Nanda, said that the project would "offer a stepping stone for ACWA Power to eventually expand into its strategic markets of Philippines and Indonesia".
