REPUBLIKA.CO.ID, JAKARTA -- A consortium of Saudi Arabia's ACWA Power and South Korea's Taekwang Power Holdings has signed a $2.2 billion thermal power plant investment agreement with Vietnam.
The pact comes as Vietnam faces a shortage in power supply amid the developing country's ever-increasing demand for electricity to fuel economic expansion, which hit a five-year high of 6.7 percent in 2015.
The 1,200-megawatt Nam Dinh 1 thermal power plant will be built on a build-operate-transfer basis for 25 years in the northern province of Nam Dinh, ACWA Power said in a statement on its website.
"This agreement is an important stepping stone for our first project in Vietnam," said Rajit Nanda, Chief Investment Officer of ACWA Power, Arabian Business reported.
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