JAKS Resources & Meiya Build 1,200 MW Coal-Fired Power in Vietnam

Theindonesiatoday.com – Malaysian company JAKS Resources Berhad, Meiya Power (HD) Limited, and Island Circle Investment Holding Limited have entered into joint venture agreement for the construction of 2×600 MW coal-fired power plant in Vietnam.

The power plant, to be built in Phuc Thanh Commune, Kinh Mon District in Hai Duong Province, Vietnam, will cost around US$2 billion.

Upon completion of the joint venture (JPP), JAKS Resources will have 50% interest in the project, while Meiya Power 40% and Island Circle 10%.

Meiya Power is a wholly-owned subsidiary of Meiya Power Company Limited (MPC), which in turn is a 75.2% owned subsidiary of China Guangdong Nuclear Power Holding Corporation

(CGNPC), a company established under the laws of the People’s Republic of China.

Island Circle, meanwhile, is a wholly-owned subsidiary of Island Circle Development (M) Sdn Bhd (“ICDM”).  The principal activity of Island Circle is investment holding.

The project is currently planned to be financed 75% by debt (USD1.5 billion) and 25% by equity (USD0.5 billion).

The site preparation work for the Project is scheduled to begin in second quarter of 2012 and to commence generating the first unit of 600 MW in fourth quarter of 2016 and the second unit of 600 MW will come on stream in the second quarter of 2017, together with an estimated annual output of 7.5 billion kilowatt-hours per annum.

JAKS Resources plans to list the shares of equity securities in the project or another holding company to hold the project on the Stock Exchanges of Hong Kong, Singapore, or Bursa Malaysia. (Indonesia Today)

Source: http://www.theindonesiatoday.com/resources/energy/energy-news/168-energy-news/18366-jaks-resources-a-meiya-build-1200-mw-coal-fired-power-in-vietnam.html

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