AsemconnectVietnam - This is the largest credit contract ever signed by PV Power to finance the Nhon Trach 3 and 4 Power Plant Projects. As of the end of September, the completion volume of the EPC Contract for the project is estimated at about 94%.

On October 1, PetroVietnam Power Corporation - Joint Stock Company (PV Power, code POW) announced a credit contract worth USD521.5 million signed with a consortium of two banks Citi and ING insured by KSURE and SERV to finance the Nhon Trach 3 and 4 Power Plant Projects.
Thus, to date, the credits signed by PV Power to finance the Nhon Trach 3 and 4 Power Plant Projects include: SMBC/SACE loan worth USD200 million signed on March 31, 2023; Loan with Vietcombank worth VND4,000 billion signed on September 26, 2023; Credit contract worth USD521.5 million with a consortium of two banks Citi and ING insured by KSURE and SERV.
Regarding the progress of Nhon Trach 3 and 4 Power Projects, according to information from the project management board at the working session with the Vietnam Oil and Gas Group (Petrovietnam), by the end of September, the completed volume of the EPC Contract was estimated at about 94%. The Power Project Management Board (PVPP) and the Electricity Trading Company (EVNEPTC) signed the Power Purchase Agreement for the testing phase of Nhon Trach 3 Power Plant on May 27, 2024.
In addition, PV Power and PV GAS have basically completed negotiations on the terms and contents of the GSA Contract, expected to sign the contract in the fourth quarter of 2024.
Based on the updated progress until the end of August 2024 of the EPC contractor, the testing work of each plant is expected to be carried out within 178 days. Specifically, Nhon Trach 3 Power Plant is expected to start from the first ignition progress milestone on October 15, 2024, then test the guaranteed operating parameters, run reliably and operate commercially in April 2025.
Nhon Trach 4 Power Plant will start from the first ignition progress milestone on December 22, 2024, test the guaranteed operating parameters, run reliably and operate commercially in July 2025.
N.Nga
Source: VITIC/Tinnhanhchungkhoan