EVN announced the signing of the engineering, procurement, and construction deal for the first component of the Quang Trach II LNG power plant project in a statement on Monday.
According to EVN, the contract is worth 25.2 trillion Vietnamese dong ($973 million).
The LNG power plant will have a capacity of 1,612 MW, consisting of two 806 MW units.
It will have turbines from General Electric Vernova, EVN said.
The project consists of two components and its total investment will reach 52,490 billion dong ($2 billion), of which 20 percent is equity and 80 percent is commercial loans.
The first is the power plant, using the combined cycle gas turbine (CCGT) technology, with a total investment of 40,123 billion dong, while the second comprises the LNG storage facility and jetty, with an estimated investment of 11,800 billion dong.
EVN recently signed a loan agreement with a consortium of Vietnamese banks comprising Vietcombank, VietinBank, BIDV, and Agribank for the first component of the Quang Trach II LNG power plant project.
The total value of the loan is 29.57 trillion Vietnamese dong ($1.13 billion).
EVN said last month that the project is expected to begin commercial operations in 2028-2029 and be fully completed by 2030.
In 2024, EVN received approval for its Quang Trach II LNG power plant.
Previously, the Vietnamese government approved the 1200 MW Quang Trach II coal-fired power plant.
However, EVN proposed after that to amend the project and to switch from coal to LNG.
The project was included in the national power development plan VIII (PDP VIII) issued in May 2023.
In October 2024, PetroVietnam Gas, a unit of state-owned PetroVietnam, also signed a memorandum of understanding to supply LNG to EVN.
