Riyadh: 18 June 2014: A consortium including ACWA Power, the largest private sector water and power company in Saudi Arabia and Taekwang Power Holdings Company Limited of Korea, announced that they signed a joint development agreement to develop Nam Dinh 1 IPP Project, 1200 MW (first phase) coal fired power project, located in Hai Hau District, Nam Dinh Province, 150 Km Southeast of Hanoi, Vietnam.

Nam Dinh1 IPP Project is a Greenfield Independent Power Project (IPP) to be developed on a Build, Own, Transfer (BOT) basis with a total investment cost of more than US$ 2 billion. The plant is to be equipped with new application of clean technologies for coal utilization - Circulating Fluidized Bed Combustion (CFBC) as an alternative to Pulverized Coal Combustion (PCC) for power generation with the coal supplied by Vinacomin, a government owned coal mined company.

The off-taker for the Project will be Electricity of Vietnam (EVN), the government owned national utility. The operation and maintenance of the Project will be undertaken by the consortium with a leading role by NOMAC, a subsidiary of ACWA Power. POSCO E&C from Korea has been selected as a preferred bidder for the Engineering, Procurement and Construction (EPC) of the Project.

Paddy Padmanathan, President & CEO of ACWA Power stated "This project is yet another milestone in ACWA Power's strategic growth story, and its first foray into South East Asian power sector".

Thamer Al-Sharhan, MD of ACWA Power, stressed that, "the Project will aid the local economy and contribute to significant economic value retention within Vietnam".

Rajit Nanda, ACWA Power's Chief Investment Officer said "this Project in Vietnam is really meaningful to ACWA Power; in fact, this will offer a stepping stone for ACWA Power to eventually expand into its strategic markets of Philippines and Indonesia which have similar cultures and market structures" "

ACWA Power
ACWA Power is a developer, investor, co-owner and operator of a portfolio of plants with a capacity to generate 15,739 MW of power and produce 2.4 million m3/day of desalinated water, which has an investment value in excess of USD 22 billion.

ACWA Power was born out of the policy decision by the Kingdom of Saudi Arabia to increase private sector involvement in the power generation and desalinated water production sectors to include ownership and operation of assets, and has now grown to be an investor, developer and operator of power generation and desalinated water producing plants in which it has a meaningful economic interest and exercises management control.

The company was incorporated in the Kingdom of Saudi Arabia and has a paid-up capital of approx. USD 1.5 Billion. It is owned by eight Saudi conglomerates besides Sanabil Direct Investment Company (owned by the Public Investment Fund) and the Saudi Public Pensions Agency.

From its base in Saudi Arabia, ACWA Power has already expanded or is expanding into the GCC, Jordan and Egypt and further afield to Turkey, Morocco, the southern cone of Africa and South East Asia. It has:

• Regional offices in Dubai, Istanbul, Rabat, Johannesburg, Maputo and Beijing

• A customer base that includes state utilities and an industrial major across 3 continents

• More than 20 plants in various phases of development, construction and operations spread over 8 countries.

The current portfolio of assets and investments delivers:

• Over 6,058 MW of power, over 2.2 million m³/day of desalinated water and 1,230 tons / hour of steam capacity in Saudi Arabia 1,276 MW of power in Jordan

• 427 MW of power and 136,000 m³/day of desalinated water in Oman

• 60MWp using Photo Voltaic (PV) technology in its solar plant in Bulgaria.

The portfolio also includes the two of the world's largest sea going barge mounted, self-contained water desalination plants each capable of producing 25,000 m³/day of water.

New capacity of 6,147 MW of power, 55,000 m³/day of desalinated water and 1,015 tons per hour of steam capacity is under construction in Saudi Arabia. A 50 MWe Concentrated Solar Power (CSP) plant at Bokpoort in South Africa and, a 160 MWe CSP plant at Ouarzazate in Morocco are also under construction. In an advanced stage of development are an 835 MW gas fired plant in Turkey and a 275 MW coal fired power plant in Mozambique.

ACWA Power lives by its mission statement - to reliably deliver electricity and desalinated water at the lowest possible cost in our target countries and operates the business according to its values which are: Diversity, Rigor, Ingenuity, Fairness and Integrity.

We redefine boundaries.
 
Fadhel A. Al-Abbas
Manager - Marketing Communication
Tel:  +966 11 283 5513| Mob: +966554852285
falabbas@acwapower.com | www.acwapower.com

© Press Release 2014