The long running saga of the Phu My 2.2 power project in Vietnam took a step closer to completion yesterday with the signing in Hong Kong of the financing documents for a $480 million project finance facility. In local terms the deal is worth some 7.2 trillion dong and can be seen as something of a triumph for the sponsors, arrangers and Vietnamese government.
The project sees the construction of a 715MW gas fired power station at the Phu My power complex, 85 kilometres south of Ho Chi Minh. The project is being developed by a consortium of French and Japanese power companies called Mekong Energy Company Meco. Meco comprises EDF International 56.25%...
