NANNING (China): JAKS Resources Bhd has awarded a US$1.5 billion (RM4.74 billion) contract to build a 1,200 megawatt (MW) coal-fired power plant in Vietnam to China's CNTC-TEPC Consortium.
JAKS Resources managing director and chief executive officer Ang Lam Poah said construction of the first unit of 600MW is due to begin in the second quarter of next year. The second unit will be built in the second quarter of 2017.
"The first unit will start contributing to the group's revenue by the fourth quarter of 2016 when it begins commercial operation," he told Malaysian media here yesterday.
JAKS Resources, had in July, secured an investment licence from Vietnam to build a US$2 billion (RM6.3 billion) coal-fired power plant in the northern part of the country.
The project will be financed by a mix of debt and equity.
"We are in the process of finalising the funding. We are targeting to finalise it by middle of next year," he said.
The contract signing was witnessed by Prime Minister Datuk Seri Najib Razak, who had a roundtable dialogue with China's captains of industry. The dialogue was held in conjunction with the 8th China-Asean Business and Investment Summit.
The US$2 billion power plant, the biggest in 80 million-population Vietnam, will be located in Hai Duong province, about 80km east of Hanoi. It will be developed under a build-operate-transfer structure.
Ng said the plant will operate as an independent power plant with a 25-year power purchase agreement with Electricity of Vietnam.
China National Technical Import and Export Corp (CNTIC), the first state-owned foreign trade corporation specialising in technology trade, has completed plants for over 5,000 projects with total contract value of US$100 billion (RM316 billion).
Tianjin Electric Power Construction Co (TEPC), a subsidiary of China Energy Engineering Group Co Ltd, is a Class 1 electric power contractor.
JAKS Resources managing director and chief executive officer Ang Lam Poah said construction of the first unit of 600MW is due to begin in the second quarter of next year. The second unit will be built in the second quarter of 2017.
"The first unit will start contributing to the group's revenue by the fourth quarter of 2016 when it begins commercial operation," he told Malaysian media here yesterday.
JAKS Resources, had in July, secured an investment licence from Vietnam to build a US$2 billion (RM6.3 billion) coal-fired power plant in the northern part of the country.
The project will be financed by a mix of debt and equity.
"We are in the process of finalising the funding. We are targeting to finalise it by middle of next year," he said.
The contract signing was witnessed by Prime Minister Datuk Seri Najib Razak, who had a roundtable dialogue with China's captains of industry. The dialogue was held in conjunction with the 8th China-Asean Business and Investment Summit.
The US$2 billion power plant, the biggest in 80 million-population Vietnam, will be located in Hai Duong province, about 80km east of Hanoi. It will be developed under a build-operate-transfer structure.
Ng said the plant will operate as an independent power plant with a 25-year power purchase agreement with Electricity of Vietnam.
China National Technical Import and Export Corp (CNTIC), the first state-owned foreign trade corporation specialising in technology trade, has completed plants for over 5,000 projects with total contract value of US$100 billion (RM316 billion).
Tianjin Electric Power Construction Co (TEPC), a subsidiary of China Energy Engineering Group Co Ltd, is a Class 1 electric power contractor.
