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Breaking borders

01 November 2001

Is Vietnam a power risk too far in the current world climate? Dominic Jones talks to potential arrangers and investors in Vietnam's first BOT deal.

Read more: [project financing] [project finance] [BOT] [project finance] [power projects]

The international banking community is about to take a giant leap into the unknown with the first ever project financing of a BOT power plant in Vietnam.

Proposals for the financing of Phu My 2.2, a 715MW gas fired power station sponsored by Electricite de France (EDF), Tokyo Electric Power Company (Tepco) and Sumitomo Corp, estimated to cost between $400 and $450 million, were due to be submitted on 23 October. Close on Phu My 2.2's heels, banker's expect another power project deal for Phu My 3, a 720MW facility sponsored by BP Amoco, SembCorp and Kyushu Electric. The two ventures are part of the overall 3,600MW Phu My power and Nitrogen complex, one of the key infrastructure schemes in Vietnam's national power development master plan.

The two projects are being planned around what bankers describe as fairly standard IPP formats. But given the nature of the...

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