Vietcombank Lends Lai Chau Hydropower Plant

9:15:35 PM | 13/7/2013

A credit contract worth VND14.5 trillion (US$700 million) for the Lai Chau hydropower project was signed on July 10, 2013 in Hanoi between the Electricity Group of Vietnam (EVN) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). The credit syndicate also consists of the Vietnam Bank for Industry and Trade (Vietinbank), the Bank for Investment and Development of Vietnam (BIDV) and Vietnam Bank for Agriculture and Rural Development (Agribank).
Lai Chau hydropower plant project, comprising of three turbines with a total designed capacity of 1,200 MW, is the final hydropower project on the Da River approved by the Prime Minister under the Decision 819/QD-TTg dated June 7, 2010. The plant with a total cost of VND35.7 trillion is expected to provide about 4.6 billion kWh of electricity annually.
The project also plays important role in preventing floods, supplying water for Red River Delta, contributing to boosting socio-economic development, people’s living standard, and ensuring national security in the northwestern region of Vietnam.
The project is expected to be a new motivation for economic development, hunger elimination and poverty reduction in Muong Te district, one of the poorest areas in the country.
The first turbine of the plant will generate electricity in 2016, with the whole scheme set for completion in 2017.