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Mekong Energy Company Ltd or MECO is an IPP (Independent Power Producer), MECO own and operate Phu My 2.2 power plant in the Ba Ria Vung Tau province, 80 km Southeast of Ho Chi Minh City, Phu My 2.2 is part of the Phu My power complex which is able to produce roughly 40 % of the maximum electricity demand in Vietnam. The complex is constituted of 5 combined cycle plants burning natural gas supplied by Petro Vietnam from the Nam Con Son basin (370km in the Chinese sea).
Phu My 2.2 net output is 715 Mwe that is to say about 8% of the Vietnamese demand, it has been put in commercial operation of February 4th 2005, 30 months after the financial closing. The plant has been designed, erected and commissioned in the frame of an EPC contract signed with EDF (Electricité de France).
The Financing of the Phu My 2-2 Project combines direct loans (240 million USD) from JBIC, the Asian Development Bank and Proparco (a branch of the French Development Agency), as well as commercial banks loans (100 million USD). The World Bank and the Asian Development Bank stand behind a political coverage of political risks for the commercial loans financed by a group of bank in which ANZ, Société Générale and SMBC are the leaders.
The Phu My 2-2 facility is the first private and wholly foreign-owned BOT-investment (Build-Operate-Transfer) in Vietnam being achieved following an international bidding round.
The electricity production and distribution company Electricity of Vietnam (EVN). At the end of the 20-year concession period, the power plant will be transferred to the Ministry of Industry of Vietnam. |
