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Hanoi, Vietnam - 18th January 2016:
The Ministry of Industry and Trade ('MoIT') and a consortium by Saudi Arabia's ACWA Power and Korea-based Taekwang Power Holdings has signed an Investment Agreement, marking a significant milestone in the development of Nam Dinh 1 thermal power plant project.
The signing event was attended a high-level delegation, including:
· Minister of Industry and Trade, Mr. Vu Huy Hoang
· Vice Minister of MoIT, Mr. Hoang Quoc Vuong
· Director General of the General Directorate of Energy ('GDE'), Mr. Dang Huy Cuong
· Vice Chairman of Nam Dinh Provincial Peope's Committee ('Nam Dinh PPC'), Mr. Tran Le Doai
· Chief Investment Officer ('CIO') of ACWA Power, Mr. Rajit Nanda
· President & CEO of Taekwang Power, Mr. David Kim
· Leaders from EVN, Vinacomin
The 1,200 MW power plant, with a total investment of over USD 2.2 billion, will be built in the Hai Chau and Hai Ninh communes in Hai Hau district, Nam Dinh province, around 150km southeast of the capital, Hanoi under the build-operate-transfer (BOT) form for 25 years.
During the signing ceremony, leaders of MoIT and Nam Dinh PPC committed the highest support for the Nam Dinh 1 project. Nam Dinh PPC will ensure the land recovery to be conducted in a timely and properly manner so investors can start the construction as scheduled.
"This agreement is an important stepping stone for our first project in Vietnam." said Mr. Rajit Nanda, Chief Investment Officer of ACWA Power. "We acknowledge the support of the Ministry of Industry and Trade for this project, and believe that this marks the start of a long and fruitful relationship between ACWA Power and Vietnam."
Investors expressed sincere thanks for the support from the Government of Vietnam and committed to implement the project in the most effective manner. The project will bring significant value for the socio-economic development locally and nationally. Investors will also pay highest attention to environmental protection issues and local people's welfare.
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About ACWA Power:
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power's portfolio, with an investment value in excess of USD 30.5 billion, can generate 21.5 GW of power and produce 2.5 million m3 /day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.
ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power pursues a mission to reliably deliver electricity and desalinated water at the lowest possible cost while seeking to maximize local content and local employment creation, thereby contributing to the social and economic development of the communities and countries it invests in and serves.
ACWA Power strives to achieve success by adhering to the values of Diversity, Rigor, Ingenuity, Fairness and Integrity in operating its business.
© Press Release 2016
