Phu My 3 ready to launch

Rare Vietnamese credit set to test market appetite.

Bank of Tokyo-Mitsubishi, Credit Agricole Indosuez, Credit Lyonnais, Fortis Bank and Mizuho have underwritten a $170 million credit facility to finance the construction of the Phu My 3 Power Project in Vietnam. The project involves the construction of a 717MW gas-fired combined cycle power plant in the southern province of Ba Ria-Vung Tau, 75km from Ho Chi Minh City.

This is the third phase of the Phu My power project, which will eventually be able to supply 3,600MW of electricity to meet the rapidly growing demand in Vietnam. Phase 1 was commissioned in 2000 and the plans for phase 4 are currently underway after Siemens was awarded the contract to develop the project...

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