The Hoa Binh Hydropower Plant expansion project with a capacity of 480 MW, is an important power project of EVN. The project was assigned to Power Project Management Board 1, on behalf of EVN, to implement and is expected to be commenced in 2020 and put into operation in 2023.
The project meets the objectives: Increasing the capacity of peak coverage for the national electricity system, facilitating the maximum exploitation of annual water discharge in the flood season of the existing Hoa Binh Thermal Power Plant for generating power; at the same time, improving the frequency regulating capacity, stabilizing the frequency of the national electricity system, contributing to reducing the costs of the electricity system.
At the ceremony, EVN Deputy General Director Nguyen Xuan Nam thanked AFD's supports for EVN's projects. AFD’s non-government guaranteed loan for the Hoa Binh Thermal Power Plant expansion project of EUR 100 million is expected to finance equipment packages.
Mr. Fabrice Richy - Director of AFD Vietnam and Mr. Nguyen Xuan Nam – Deputy General Director of EVN completing the signing
In June 2018, EVN was the first State-owned enterprise in Vietnam to be rated by Fitch Ratings as the debt issuer at BB level with a "Stable perspective" on long-term debt in foreign currency, equal to the national confidence factor.
Mr. Fabrice Richy - Director of AFD Vietnam said that it was an admirable result gained by EVN. AFD is honored to be a friendly partner of EVN and ready to provide loans, technical assistance, help EVN access to higher international standards in power system development and power supply.
Delegates attending the signing ceremony
After signing the financial commitment for the Hoa Binh Hydropower Plant Expansion expansion project, the two sides will continue the related work items, further promoting development cooperation.
AFD is an international non-profit financial institution of the French Government. Up to now, AFD is the first sponsor to provide Government-guaranteed loans in Vietnam, and is also the first organization to receive non-government guaranteed loans from France to implement power projects.