09:08 | 13/11/2019 Industry
(VEN) - The Ministry of Industry and Trade and the AES Corporation (AES) signed on November 8 a Memorandum of Understanding (MOU) on building the Son My 2 combined cycle gas turbine (CCGT) power plant in Binh Thuan province.
The signing ceremony in Hanoi was attended by Prime Minister Nguyen Xuan Phuc, Minister of the Ministry of Industry and Trade (MOIT) Tran Tuan Anh, US Commerce Secretary Wilbur Ross and US Ambassador to Vietnam Daniel Kritenbrink.
The Son My 2 CCGT power plant has total capacity of 2.2 GW and will be located in Binh Thuan Province. The $1.7 billion plant will have a 20-year contract with the Government of Vietnam.
“LNG will be the key for Vietnam’s growing energy demand, by offering a cleaner, more reliable and more affordable energy solution,” said Mark Green, AES Eurasia President. “This MOU is a significant milestone toward the development of the Son My 2 power plant, which we believe will help transform the energy sector in Vietnam.”
David Stone, CEO of AES Vietnam said, “The MOU specifies the roles and responsibilities of AES and the MOIT, and overall development timeline of the project, enabling AES to move forward with this significant project.”
Son My 2 complements AES’ investment plans in gas infrastructure in the country with its previously announced $1.4 billion Son My LNG import terminal, which received approval from the Government of Vietnam in August 2019.
“The Son My 2 CCGT and Son My LNG Terminal are excellent examples of the continued partnership between the United States and Vietnam. We strongly believe that the implementation of these two projects will substantially contribute to the bilateral trade and investment relationship between the two countries, while at the same time creating jobs and supporting Vietnam to move toward a cleaner energy future,” said Mr. Stone.
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. AES provides affordable, sustainable
energy to 14 countries through its diverse portfolio of distribution businesses as well as thermal and renewable
generation facilities. Its 2018 revenues were $11 billion. AES owns and manages $33 billion in total assets.