Posted July. 04, 2017 07:36,
Updated July. 04, 2017 07:49
Taegwang Industrial said Monday that its power affiliate Taegwang Power Holdings received an investment permit for building a thermal power plant in Vietnam. Taegwang will be constructing a 1,200-megawatt coal powered thermal plant in Haining, Namdinh.
Investment permit is the final approval stage by the Vietnamese Planning and Investment Department after the overall project is approved by the government and talks on major contracts are completed. Taegwang Power Holdings will now be able to promote the project for the first time in eight years since obtaining the project right in March 2009.
The project will be joined by Taegwang Power Holdings, Posco E&C, Doosan Heavy Industries, Korea Southern Power and Export and Import Bank as well as Korea Trade Insurance Corporation. This means that Korean companies are leading the overall project. When the construction is completed in 2020, the produced electricity will be sold to the Vietnamese government for 25 years.
"While we have contributed up to now to the growth of the Vietnamese manufacturing with shoe business, we will now produce quality electricity to help a stable development of the country," Taegwang Chairman Park Yeon-cha said.