Malaysian group Jaks Resources Bhd has reached an agreement with China Power Engineering Consulting Group for the joint development of a 1,200 MW coal-fired power project worth US$1.87bn in the Hai Duong province of Vietnam. China Power will become an equity partner in the build-operate-transfer (BOT) power plant project. The project would feature two 600 MW units, whose construction would start in the first half of 2016 and which would be commissioned in 2020.
In 2011, JAKS received the investment certificate from the Ministry of Planning and Investment of Vietnam for the design, engineering, procurement, construction, financing and operation of the power plant project under the BOT contract. Construction was initially expected to start in the second quarter of 2013 with the first unit commissioned in the fourth quarter of 2016 and the second unit of 600 MW in the second quarter of 2017. The company will sell power to Electricity of Vietnam (EVN) under a long-term power purchase agreement and will transfer the project to the Vietnamese government after 25 years.
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