October 13, 2008

OneEnergy, EVN to Develop Two Phases of Vinh Tan Power Complex

OneEnergy, a joint venture between the CLP Group and Mitsubishi, and state-owned electricity utility Vietnam Electricity have signed a memorandum of understanding for the development and ownership of phases 3.1 and 3.2 of the Vinh Tan power complex in the Binh Thuan province of Vietnam.

With a planned installed capacity of over 2,000MW, the coal-fired power plant project will be OneEnergy's first major investment in Vietnam.

Construction on the first phase of the project is expected to commence in late 2010, and will be operational by 2014. OneEnergy and Vietnam Electricity (EVN) will form a joint stock company for the project, in which OneEnergy will have a majority interest.

Mark Takahashi, CEO of OneEnergy, said: "OneEnergy is very excited about our partnership with EVN for the Vinh Tan-3 Project. The project's close proximity to Ho Chi Minh City, its natural deep-harbor characteristics and the strong market fundamentals of Vietnam combine to make it an exceptional opportunity."