Energy Capital Vietnam-led LNG-to-power project will get a boost from the government.
Vietnam’s prime minister Nguyen Xuan Phuc issued a directive to the ministry of industry and trade to include the Mui Ke Ga LNG project into the country’s National Power Development Plan period 2021-2030.
ECV’s LNG project will provide for the development of a multi-phase gas-fired power complex and floating storage regasification unit (FSRU) terminal near Mui Ke Ga in Binh Thuan Province, Vietnam.
ECV, a Vietnam-focused project development and asset management company established to serve as a platform for private investment into Vietnam, has been in discussions with the Vietnamese government regarding energy sector investment and privatization opportunities to help address its critical energy security needs since 2015.
Phase I of the MKG project is targeting final investment decision (FID) in late 2021 and commercial operational delivery (COD) by 2025 and will consume approximately 1.5 million tons per year (mtpa) with the potential to up the capacity to 7 mpta over time.
David Lewis, ECV chairman and CEO noted, “the World Bank projects Vietnam to require up to 90,000 megawatts of new power generation over the next decade.”
ECV is working with Exelon, America’s clean energy company, for development and operations expertise for the power plant.