Location: Long Đức commune, Long Phú district, Sóc Trăng province

Estimated cost: USD $1.59 billion

The sponsors will finance the project on a 70:30 debt to equity ratio – seeking US$1.1 billion in debt.

Expected financial close: 2017

Status: Construction commenced

Completion expected: 2018

Another 1320MW power plant (Long Phu 2) has been announced for the same site.

PetroVietnam Technical Services Corporation (PetroVietnam Group)
Gazprombank (Adviser to OJSC Power Machines)
  • OJSC Power Machines (Russia)
  • BTG Energy (Slovakia)
  • PetroVietnam Technical Services Joint Stock Corporation (PTSC)
Lead Arrangers (US$650M)

  • HSBC (global coordinator)
  • Cathay United Bank
  • JP Morgan
  • Mitsubishi UFJ Financial Group

Export Credit Agencies (ECAs)

  • SACE (Italy)
  • Hermes (Germany)
  • US Ex-Im
  • UKEF
  • Egap (Czech Republic)
  • Exiar (Russia)

Development Banks

  • International Investment Bank
  • Vnesheconombank (Russia)


  1. GE (2 September 2015), ‘GE High-Efficiency Steam Turbines Selected for Petrovietnam’s New Coal-Fired Power Plant’
  2. Vietnam Energy Online, (9 August 2015), ‘Long Phu 1 Thermal Power Project is beeing (sic) developed as planned’
  3. Vietnam Today (9 August 2015), ‘Long Phu 1 Thermal Power Plant breaks ground’
  4. Project Finance International (7 September 2016) ‘Funders Appointed on Long Phu 1’
  5. PetroVietnam (2017), ‘Long Phu Thermal Power Plant’
  6. IFR News, (15 Apr 2017), PetroVietnam seeks US$650m PF’
  7. Vnesheconombank (8 Sep 2017), ‘VEB and IIB to Finance Power Plant Construction in Vietnam

Information updated: 12 September 2017

In addition to the references noted above, Market Forces also considers information from financial journals, companies’ public disclosures, and news reports.