The co-financiers include the French Development Agency (AFD), the German Development Bank (KfW), the Japan International Cooperation Agency (JICA), and the European Investment Bank (EIB).

This mission of the co-financiers aims to do the fact finding, clarify the positions and related contents of the Bac Ai Pumped Storage Hydropower Plant project, discussing the draft Term Sheet and enhancing the collaboration among the co-financiers.

EVN’s Vice President  Nguyen Xuan Nam emphasized that this is the first pumped storage hydropower project of EVN, contributing to realizing Vietnam's commitment at COP26. Mr. Nguyen Xuan Nam expected that the co-financiers would actively work with EVN's professional departments to complete the project due diligence on schedule.

EVN’s Vice President Nguyen Xuan Nam speaking at the meeting.

The representative of the co-financiers, Mr. Hugo Pierrel - Deputy Director of AFD Vietnam thanked Vietnam Electricity for their active collaboration and properly implementing commitments in preparation for the project due diligence. During the due diligence process, the co-financier team would be dedicated to working with a serious, objective spirit and complete the due diligence for this important project on schedule.

Mr. Hugo Pierrel - Deputy Director of AFD Vietnam (middle) exchanging information about due diligence program for Bac Ai Pumped Storage Hydropower Plant project.

At the meeting, the co-financiers and EVN’s professional departments, Power Project Management Board No.3, Power Engineering Consulting Joint Stock Company No.4 discussed project information to serve the due diligence work. 

According to the plan, from October 16 to 20, the mission will perform the project due diligence in terms of both technical and financial-economic aspects. This would be essential for the co-financiers to decide on granting loans for the project.

Bac Ai Pumped Storage Hydropower Plant Project is in the list of power plant projects approved by the Prime Minister at Decision No. 428/QD-TTg dated March 18, 2016, on revising the National Power Development Plan in the period 2011 - 2020 with a view to 2030 (Revised Master Plan VII).

The project plays an important role in the national power system, especially in the context of a high penetration of renewable energy (solar power, wind power) into the power system. The project’s main objectives are to run as a peaking power plant in the system's load chart, contributing to flattening the load chart by mobilizing pumping capacity during off-peak hours and generating electricity during peak hours. 

evn.com.vn