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Quynh Lap 1 and 2 (2400 MW)

Location: Quỳnh Lập commune, Quỳnh Lưu district, Nghệ An province

Estimated cost:

  • Quynh Lap 1: US$2.2 billion (80:20 debt to equity ratio)
  • Quynh Lap 2: US$2.5 billion (75:25 debt to equity ratio)

Expected financial close: unclear

Status:

  • Quynh Lap 1: Under Construction
  • Quynh Lap 2: Planning

Expected completion: after 2030

Quynh Lap 1

Sponsors
  • Vinacomin (Vietnam)
  • Proposed:
    • Geleximco (Vietnam)
    • Hong Kong United Investors Ho
EPC
  • Doosan Heavy Industries (South Korea)
  • Lilama (Vietnam)
  • National Research Institute of Mechanical Engineering (Vietnam)
  • Lotte Group (Feasibility Study)
Lenders

Banks

  • China Construction Bank
  • China Development Bank
  • Bank of China
  • ICBC

Export Credit Agencies (ECAs)

  • Export Import Bank of China

Quynh Lap 2

Sponsors
  • POSCO (South Korea)
EPC
  • POSCO Energy Co (South Korea)
Lenders
  • Export Import Bank of Korea (KEXIM)

Quynh Lap 2

  1. Le Quynh, Mekong Eye (7 March 2019), ‘Vietnamese provinces say “no” to coal plants–government and industry still want more‘
  2. Vietnam Investment Review (22 June 2018), ‘Geleximco-HUI may take over $2-billion Quynh Lap 1 thermal power plant‘
  3. Chí Nhân, Thanh Nien, (22 June 2018), ‘Trung Quốc đổ vốn vào nhiệt điện than Việt Nam‘
  4. Timetric, ‘Vinacomin-Quynh Lap Electricity Center 2400 MW – Nghe An Province’
  5. Mia Tahara-Stubbs, IJGlobal, (12 May 2017), ‘Posco Energy seeks international partner for Vietnam coal-fired‘
  6. Jung Min-hee, Business Korea, (12 May 2017), ‘POSCO Energy Wins 1200MW Plant Project in Vietnam‘
  7. ANT Consulting (11 May 2017) ‘Posco Energy Will Invest in Quynh Lap II Thermal Power Plant‘
  8. Vietnam Energy Online, (11 September 2015), ‘Quynh Lap 1 thermo-power plant to use local equipment‘
  9. Vietnam News (15 July 2015), ‘Vinacomin to build first made-in-VN power plant‘

INFORMATION UPDATED: 18 NOV 2020

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