On December 13, in Ho Chi Minh City, Mekong Energy Company Limited celebrated the 20th anniversary of the Phu My 2.2 Power Plant. This project was established by a consortium of trading and energy corporations, including EDF (France), Sumitomo Corporation (Japan), JERA (Japan), and Mekong Energy Company Limited as the operator.
The Phu My 2.2 Power Plant is the first build-operate-transfer (BOT) project to be licensed through international bidding and fully funded by foreign investors. With a total investment of $400 million, the project was financed with a 25% contribution from the shareholders and 75% from banks and financial institutions such as the Japan International Cooperation Bank (JBIC), the Asian Development Bank (ADB), and PROPARCO.
Speaking at the event, Mr. Nguyen Xuan Nam, Deputy General Director of the Vietnam Electricity Group (EVN), said that since its commercial operation in February 2005, the Phu My 2.2 BOT Power Plant has fed a total of more than 90 billion kWh of electricity into the system.
Located in the Phu My Power Center, Ba Ria-Vung Tau Province, the Phu My 2.2 Power Plant is in a strategic location for the national grid. The center houses six gas-fired combined-cycle power plants, contributing 8% of Vietnam’s total power generation capacity as of 2023.
“The Phu My 2.2 Power Plant plays a crucial role in the national power system, especially in ensuring electricity supply for production and daily life in the southern provinces in terms of both capacity and energy,” affirmed Mr. Nam.
According to Mr. Nam, the demand for electricity will continue to grow at a high rate, averaging about 11% by 2025. To meet this increasing demand, EVN is implementing several aggressive measures to develop power generation projects and enhance the capacity of the transmission grid, particularly in the southern region.
Based on this, EVN requested Mekong Energy Company to continue maintaining and improving its achievements, ensuring the quality of operation, maintenance, and repair work. This will guarantee that the generators are always ready for safe and stable power generation when handed over to EVN, meeting the requirements of the system operator and the national electricity market.
Mr. Augusto Soares Dos Reis, Director of Mekong Energy Company, stated that the project has fulfilled several important benefits for Vietnam, such as increasing power capacity in the South amid rapid economic growth.
According to the BOT contract, Mekong Energy Company is expected to transfer the Phu My 2.2 combined-cycle gas-fired power plant to the Vietnamese authorities on February 4, 2025, after 20 years of operation.
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