Once the shareholders approve the construction plan, the construction of Nhon Trach 3 and 4 thermal power plants is forecast to kick off in the second quarter of next year to start commercial operations in the four quarter of 2023 and the second quarter of 2024.
The Board of Directors of PV Power will submit the construction plan of Nhon Trach 3 and 4 thermal power plants for approval by shareholders. The two plans are key investment projects of PV Power in the upcoming time. According to the plan, the investor will pour a total of $1.4 billion investment capital in these two projects.
Once completed, the projects will help offset power shortages in 2021-2025 as the construction of many power plants are running behind schedule in the south of Vietnam.
In addition, these thermal power plants will motivate investment in the development of liquefied natural gas (LNG) warehouses as well as systems supplying gas for gas power plants in the south.
Along with these two projects, PV Power will also study procedures to add the Ca Mau 3 gas-to-power project to the country’s power planning and build a feasibility study for the project after the authorities approve the pre-feasibility study.
Most recently, the group released plans to establish a member company to set foot in the renewable energy sector. At first, the group will construct rooftop solar power systems on the buildings and factories in the holding of PetroVietnam.
In the first year, the firm expects to generate 50MW of solar power. Although this figure is rather small compared to other projects in the power industry, however, with its advantages in infrastructure and human resources, numerous businesses expressed intentions to co-operate with PV Power.
In this year, the board of directors of the group set the target to generate 21.6 million kWh from six plants with the total revenue of VND35 trillion ($1.5 billion) and after-tax profit of VND2.04 trillion ($88.7 million), signifying an on-year decrease of 28 per cent in after-tax profit.