Banks Lend EVN US$1.09 Bln for Son La Hydropower Plant

4:01:34 PM | 26/9/2007

Four state-owned banks in Vietnam September 25 signed deals with the Electricity of Vietnam Group (EVN) to lend VND17.5 trillion (US$1.09 billion) to Son La hydropower plant, the biggest of its kind in the country, local media reported.

The Bank for Foreign Trade of Vietnam (Vietcombank) will loan VND6 trillion (US$375 million), the Industrial and Commercial Bank of Vietnam (Incombank) VND5 trillion (US$312.5 million), the Bank for Agriculture and Rural Development of Vietnam (Agribank) VND3.5 trillion (US$218.75 million) and the Bank for Investment and Development of Vietnam (BIDV) VND3 trillion (US$187.5 million).

The loans will span 15 years, including four-year grace period.

The six-turbine Son La hydropower plant is largest of its kind in Southeast Asia and the world’s tenth biggest with a planned capacity of 2,400 MW.

The plant costing VND36.93 trillion (US$2.33 billion) is due for completion in 2012, to generate 10.2 billion kWh of electricity annually. The plant’s first turbine is expected to start operating by December 2010. (Labor)