OPIC and AES to Partner for Energy Project in Vietnam

Tuan Minh

11:30 13/11/2017

BizLIVE - OPIC will support energy giant AES to construct a liquefied natural gas (LNG) terminal plant and 2,250MW combined cycle power plant in Vietnam.

OPIC and AES to Partner for Energy Project in Vietnam

AES plans to construct a liquefied natural gas (LNG) terminal plant in Vietnam. Photo: LNG World News

Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne presented on November 12 a letter of intent to Virginia-based energy company AES, showing its support for the construction of a liquefied natural gas (LNG) terminal plant and 2,250MW combined cycle power plant in Vietnam.
The presentation took place at the Presidential Palace in Hanoi in the presence of Vietnamese President Tran Dai Quang and U.S. President Donald Trump, who paid a state visit to Vietnam on November 11-12.
The power plant would provide around 5% of the country’s power generation capacity and support its continued economic development, OPEC said in a press release.
“This project is in line with OPIC’s initiative to promote the expansion of LNG markets in the Indo-Pacific region,” said Washburne. "We are excited about the opportunity to support AES and look forward to facilitating critical investment into Vietnam's energy infrastructure and supply.”
“With this project, AES plans to leverage from our experience and replicate the success of our LNG businesses in Central America and the Caribbean,” said Mark Green, president of AES' Eurasia Strategic Business Unit.
“AES has been partnering with OPIC on various state-of-the-art power generation projects around the world and is grateful for the agency’s expertise and support with this new project in Vietnam,” Green added.
The project will help bring sustainable and cost-effective energy to Vietnam, while at the same time satisfying a growing demand for electricity and need for natural gas in Asia. Creating sustainable energy solutions, including renewables and natural gas, contribute to economic and social development. Integration of multiple sources of energy will help ensure reliability of energy supply as the country continues to grow.
OPIC’s then OPIC President and CEO Elizabeth Littlefield told BizLIVE in October 2016 that the institution was looking to ramp up its engagement with the Vietnamese private sector, with an aim to expand its portfolio of financing to $500 million in “the next a couple of years.”
“Beyond that, we would like to see it [portfolio] to grow to $1 billion to $2 billion or more in the next six to ten years,” she added.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. government agency that helps American businesses invest in emerging markets.
Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities.
AES Corporation provides affordable, sustainable energy to 16 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Its 2016 revenues were $14 billion and it owns and manages $36 billion in total assets.

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