An Binh Commercial Join Stock Bank is the focal point of a VND5,400 billion (US$237.5 million) sponsor contract for the Vietnam Electricity (EVN)'s expanded Vinh Tan 4 Thermal Power Plant project.
This bank will provide VND2,000 billion (nearly US$88 million) in credit package. The rest of contract's total amount will be sponsored by 4 banks including Agribank (Vietnam Bank for Agiculture and Rural Development), TPBank (Tien Phong Bank), LienVietPostBank and HD Bank.
The term of the loan is 15 years, of which the grace period is 5 years from the first loan disbursement.
The interest rate is calculated by the VND savings interest rate 12 months after the average interest rate of banks including ABBANK, Agribank, Vietinbank (Vietnam Joint Stock Commercial Bank for Industry and Trade), VCB (Bank for Foreign Trade of Vietnam) and BIDV (Bank for Investment and Development of Vietnam) + 2.7% per annum.
Vinh Tan 4 Thermal Power Project is being developed by EVN as the investor and Power Generation corporation 3 (EVNGENCO3) as a project management consultant. This project has total investment of VND23,000 billion (more than US$1 billion), total installed capacity of 600 MW (1x600 MW) and output of electricity produced of 3.6 billion kWh per year.
The expanded Vinh Tan 4 Thermal Power Project is planned to be officially operated by the end of 2019 with the aim at providing electricity for socio-economic development for the South Central region.
The EPC contractor (Engineering Procurement and Construction contractor) of the project is Doosan(Korea), Mitsubishi Corporation (Japan), Pacific Group Corporation and Power Engineering Consulting Joint Stock Company 2