Location: Tĩnh Gia district, Thanh Hoa province

Estimated cost: USD $2.79 billion

The sponsors will finance the project on a 72:28 debt to equity ratio – seeking US$2 billion debt, which will only be achieved once the 25-year power purchase agreement is signed.

Expected financial close: June 2017

Status: Construction commenced

Completion expected: 2018

  • Korea Electric Power Company (Kepco)
  • Marubeni Corporation
  • Financial: SMBC
  • Legal (borrower): Allen & Overy
  • Legal (lender): Clifford Chance
  • Doosan Heavy Industries
Commercial Banks 

  • DBS Bank
  • Mizuho
  • MUFG
  • SMBC
  • OCBC
  • Standard Chartered

Export Credit Agencies (ECAs) 

  • Korea Export-Import Bank (Kexim)
  • Japan Bank for International Cooperation (JBIC)


  1. KEPCO (2015), ‘KEPCO Annual Report’
  2. Vietnam Energy Online (16 November 2016), ‘Signing the Agreement for investment in Nghi Son BOT Thermal Power Project
  3. Project Finance International (14 December 2016), ‘NS loan tenor might be cut’
  4. BMI Research (2016), ‘Vietnam Power Report – 2016 Q4’
  5. Project Finance International (22 March 2017), ‘Banks respond to NS2’
  6. Mia Tahara-Stubbs, IJGlobal (13 April 2017), ‘Nghi Son 2 Vietnam coal-fired set to sign PPA’
  7. Vietnam Breaking News (2 July 2017) ‘Two new thermal power plants licensed
  8. Mia Tahara-Stubbs, IJGlobal (7 July 2017), ‘Bank syndicate formed on Nghi Son 2 coal-fired’

Information updated: 4 July 2017

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