A loan agreement was signed on Nam Dinh 1 on December 16 by Agricultural Bank of China, Bank of China, China Construction Bank, China Development Bank, China Export-Import Bank, China Minsheng Bank and ICBC.

Location: Hải Hậu district, Nam Định province

Estimated cost: USD $2.4 billion

The sponsors will finance the project on a 77:23 debt to equity ratio – seeking US$1.85 billion in debt.

The Investment Certificate for this power station was issued in in January 2017.

Expected financial close: unclear

Status: Pre-Permit Development

BOT Certificate expected to be signed: Q4 2020

  • ACWA Power
  • Taekwang Power
  • Financial: Clifford Chance
  • Lender: Shearman and Sterling
  • Sponsor: Covington & Burling
  • Legal: Freshfields Bruckhaus Deringer
  • Legal: LVN & Associates and Orrick
  • Technical: Fichtner GmbH & Co. KG
  • Tax: PricewaterhouseCoopers
  • Insurance: Aon
  • China Gezhouba Group International Engineering
  • NOMAC, a subsidiary of ACWA Power International
  • KEPCO Engineering & Construction Company (KEPCO E&C)
  • Fichtner GmbH & Co. KG
  • Doosan Group


  • Bank of China (Lead Arranger)
  • China Construction Bank
  • China Development Bank
  • China Minsheng Bank
  • Agricultural Bank
  • ICBC

Export Credit Agencies (ECAs)

  • Sinosure


  1. Minerva Lau, Project Finance International (16 December 2019), ‘Vietnam – IPP loan signed’
  2. Minerva Lau, Project Finance International (9 May 2019), ‘Vietnam  – BOC leads financing for Nam Dinh 1’
  3. Mia Tamara-Stubbs,  IJGlobal (4 July 2017), ‘Vietnam issues investment registration certificate for Nam Dinh 1 coal-fired’
  4. Vietnam Breaking News (2 July 2017) ‘Two new thermal power plants licensed
  5. IJGlobal (19 April 2017), ‘Nam Dinh 1 coal-fired PPA to sign in June’
  6. Mia Tamara-Stubbs,  IJGlobal (31 January 2017), ‘Banks Mandated on Nam Dinh 1 IPP’
  7. Vietnam News (19 January 2016), ‘Nam Dinh thermal power plant pact signed’
  8. ACWA Power (2016), ‘Assets’
  9. Taekwang Power Holdings (2016), ‘Message from management’

Information updated: 14 May 2020

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