ACWA Power has a working meeting with MoIT on the Company’s ambitious investment plans

CIO of ACWA Power, Mr. Rajit Nanda and Vice Minister of MoIT, Hoang Quoc Vuong at the meeting.

Mr. Nanda expressed his sincere appreciation for the support of MoIT and also took the opportunity to share ACWA Power’s investment philosophy. In addition, ACWA Power also confirmed its intention to make further investments in the power sector via other projects in Vietnam.

ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power’s portfolio, with an investment value in excess of USD 26 billion, can generate 16.9 GW of power and produce 2.5 million m3 /day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.

Over the past 11 months since its establishment of a Representative Office in Hanoi, ACWA Power, together with its partner Taekwang Power Holdings Company, has made significant progress in developing its first power project in Vietnam, the BOT coal-fired power plant project Nam Dinh 1. ACWA Power looks forward to the support and leadership of MoIT and relevant ministries of the Socialist Republic of Vietnam to finalize the project agreements by the end of this year to then enable the investor consortium to initiate construction of Nam Dinh 1 project by mid-2016.

Mr. Nanda also shared ACWA Power’s two most important principles to ensure the Company’s successful operation in its target countries. Firstly, ACWA Power undertakes to reliably deliver electricity at the lowest possible cost in the countries it elects to invest in. As a good example, in early 2015, ACWA Power won a Photo-Voltaic solar power project in Dubai with a tariff still today regarded as the lowest in the solar power tariff in the world. Secondly, ACWA Power also focusses on the socio-economic development of the communities where its projects

are located and strives to maximize the retention of economic value created, by developing domestic capability and capacity.

Vietnam needs cost competitive power solutions to serve the varying profile of energy consumed through the day.  ACWA Power’s plans for Vietnam consider opportunities in renewable energy, both in solar power and wind power, in addition to fossil fueled plants. ACWA Power also will look forward to MoIT’s support for the Company’s participation in privatization of state owned power generation assets in Vietnam.

During the meeting H.E. Vice Minister Hoang Quoc Vuong appreciated ACWA Power’s participation in the Nam Dinh 1 Project. H.E. Vice Minister confirmed the desire of the Government to develop a competitive power market in Vietnam in time and welcomed ACWA Power to consider further investment in power market in Vietnam. H.E. Vice Minister also took the opportunity to confirm his Ministry’s strongest support to ACWA Power to facilitate its entry into the Vietnam power market and in due course for participation in the privatization of Vinacomin.

ACWA Power, together with its partner Taekwang Power Holdings Company, made significant progress in developing the Nam Dinh 1, a 1200MW coal fired power plant project at Nam Dinh Province in Vietnam; ACWA Power established its Representative Office in Hanoi, Vietnam in Q4 2014.

ACWA Power’s plans for Vietnam consider opportunities in renewable energy, both in solar power and wind power, in addition to fossil fueled plants.

ACWA Power also will look forward to MoIT’s support for the Company’s participation in privatization of state owned power generation assets in Vietnam.

VietnamEnergy.vn