Electricity of Vietnam (EVN) and Vietnam Social Insurance on October 7 signed a contract to finance Lai Chau hydropower plant project.
Accordingly, Vietnam Social Insurance will lend EVN six trillion dong to serve building Lai Chau hydropower plant project.
Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) is mandated to manage this loan.
Lai Chau hydropower plant is a national key project invested by EVN, including three turbines with total installation capacity of 1,200 MW, average power output of 4.67 billion kWh per year and total investment of 35.7 trillion dong.
The plant is built in Nam Hang commune, Muong Te district in the northern mountainous province of Lai Chau.
The project was started work on January 5 and expects to start operation for the first turbine in 2016 and complete the whole plant by 2017.