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DOE is currently developing an integrated LNG to power project of 3200MW to Bac Lieu Province, Vietnam. The concession will be under a 25 year PPA with EVN to deliver clean power to the national grid, in particular in the South where Power is less developed relative to Central and North Vietnam such that growing consumption is already greater than installed capacity.
The required transmission interconnection of the project will establish a necessary energy backbone to the socio-economic development and sustainability of Bac Lieu Province and the surrounding Mekong Delta. The Mekong Delta, in particular, is most marginalized due to the distance from surplus generation North East of HCMC. Furthermore, the feasibility of nearby renewable projects will improve with the extended and increased grid capacity to other provinces South of the national backbone such as Hau Giang, Ca Mau, Soc Trang.
We are being offered an accelerated timeline for approvals that will substantially reduce the time to FID in exchange for providing a fully private solution to Vietnam’s strategic energy needs.
Under the terms of our joint commitment, the Government of Vietnam has committed to delivering all of the agreements, licensing, permits and other approvals required to make the project bankable within 12 months. The project has received favorable “administrative fast-track” advantages in order for Vietnam to address the immediate energy shortages the country faces.
Crucially this includes the Power Purchase Agreement (“PPA”) and the required credit, currency and legal protections under a BOO-like investment regime.
This project sets an important precedent in the energy infrastructure space in Vietnam. In preference to the BOT model, the DOEPL lead investment consortium will be the first 100% private Foreign Direct Investment (“FDI”) in energy infrastructure in Vietnam with the full governing protections of the Law on Investment including the various treaties with the jurisdictions of our strategic partners as well as the flexibility to contract, operate and raise capital as a Foreign Invested Enterprise (“FIE”).
For the Project, DOEPL has signed signed a Memorandum of Agreement with GE. They will be our exclusive turbine supplier and will support our development of the power plant including technical and business development. Within their product lineup, their latest 9HA.02 high efficiency, air-cooled gas turbine is the industry leader with a proven track record across locations that match the conditions for this project.
In consultation with the engineering teams at GE we have elected to utilize the 9HA.02 units. The 4 x 768MW CCGT configuration will be delivered in a 6-month sequence over 24-month period with the first set delivering as soon as late 2023 / early 2024, subject to Final Investment Decision (“FID”).
The 9HA.02 features a simplified air-cooled architecture, advanced materials, proven operability and reliability which in combination have been proven to deliver low life cycle cost per megawatt that is highly competitive against the market.
For purposes of this project, the economies of scale created by this high power density gas turbine, combined with its more than 63 percent combined cycle efficiency, enable cost-effective conversion of fuel to electricity to enable the power plant to generate cost effective and clean electrons to Electricity Vietnam (“EVN”), Vietnam’s national power utility.
The coastal conditions around the Mekong Delta favors the use of a floating LNG terminal concept. The Project will have an LNG receiving, storage and regasification terminal situated offshore from Bac Lieu Province.
Together with its world-class multinational technical partners, DOEPL has considered several technologies to significantly improve the efficiency of the maritime facilities of the project.
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