A subsidiary of Petrovietnam, the state-owned oil and gas group, has secured the equivalent of $470 million through an Export Credit Agency-supported debt financing for the construction of a combined-cycle power plant project in Vietnam.
The deal for PetroVietnam Nhon Trach 2 Power Joint Stock Co is the largest ECA-backed financing ever to be arranged in Vietnam and shows that these types of financings remain a key tool for the funding of long-dated projects in Asia even as liquidity has otherwise generally returned to the commercial bank markets after the financial crisis. Indeed, for large-scale projects, particularly in the emerging markets, banks are still hesitant to lend on a stand-alone basis for terms...
¬ Haymarket Media Limited. All rights reserved.
