Under the agreement, Agribank will offer credits worth over VND1 trillion (US$47 million) for the plant situated in Phuoc Chanh commune in Quang Nam province’s Phuoc Son district with IDICO as the main investor. The project is considered to be highly economically efficient under the hydropower planning system on the Vu Gia–Thu Bon River network.
Started in 2014 with a total investment of over VND1.5 trillion (US$70.5 million), the project is expected to be completed by late 2016, providing approximately 220.5 million kWh a year to the national grid, along with promoting socio-economic development in the region and ensuring national security and defence.
Speaking at the signing ceremony, Deputy Permanent Secretary of Quang Nam provincial Party Committee Nguyen Ngoc Quang praised important contribution of Agribank to local socio-economic development, especially in the fields of agriculture and rural development.
On behalf of local leaders, Quang committed to create the most favourable conditions for project implementation to put the plant into operation on schedule.
Member of Agribank Management Board Nguyen Viet Manh affirmed the bank’s continuous co-operation with its traditional client IDICO, especially in the field of electricity. Agribank urged IDICO to comply with commitments signed in the contract to ensure the projects progress.
Co-operation between Agribank and IDICO in Quang Nam province has been confirmed by the success of Dak Mi 4 Hydropower project also funded by Agribank. Located at Phuoc Xuan commune in Phuoc Son district alongside Vu Gia River, the 190MW plant started operating in April 2012 after five years of construction, contributing 752 million KWh annually to the national power grid.
