Malaysian group Jaks Resources Bhd has officially started the construction of the Hai Duong 1,200 MW coal-fired power project in the Hai Duong province of Vietnam.
The project, consisting of two 600 MW units, is developed in partnership with China Power Engineering Consulting Group under a build-operate-transfer (BOT) model. The project,worth US$1.87bn, is expected to be commissioned in 2020, as the BOT contract includes a fine if the project is not completed within four years.
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.
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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