Vietnam approves the 2.2 GW Son My 2 CCGT power plant project
The Vietnamese government has approved the investment policy of the 2,250 MW Son My 2 CCGT power plant project, which will be located in the city of Quy Nhon, Binh Dinh province (southern Vietnam). The power plant, developed by AES Vietnam (a subsidiary of the US group AES Corporation), is estimated to require an investment of US$1.8bn and is expected to enter a 20-year power purchase agreement (PPA) with the Vietnamese government once completed. The construction of the CCGT plant is planned to begin in 2023 and commissioning is scheduled for 2025.
The Son My 2 power plant complements AES Vietnam’s investment plans in gas infrastructure in the country, alongside the previously announced US$1.4bn Son My LNG import terminal worth, which is being developed in a joint venture with PetroVietnam Gas JSC (PV Gas). In 2015, AES commissioned The 1,240 MW Mong Duong 2 coal-fired power plant in the Quang Ninh province (northern Vietnam).
In 2021, gas represented 11% of Vietnam’s installed capacity (8.3 GW) and 11% of its power production (27 TWh), far behind coal with 30% (23.4 GW) and 48% respectively (120 TWh).
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