AES Corp. announces approval from Vietnam to develop a CCGT power plant
AES Corp. announced it was granted approval by the government of Vietnam to develop a 2.2 GW combined cycle gas turbine, or CCGT, power plant, which will be located in the south-central province of Binh Thuan, Vietnam. The Son My 2 plant will have a 20-year contract with the government of Vietnam, and is expected to achieve financial close in 2021 and begin commercial operations in 2024. Son My 2 complements AES' investment plans in gas infrastructure in the country with its previously announced 450 TBtu Son My LNG terminal, which received approval from the government of Vietnam in August. Together, the plant and terminal will play a major role in shaping Vietnam's energy future by diversifying the energy mix with imported LNG as well as meeting the country's increasing demand for sustainable and affordable electricity. This approval represents a significant milestone in the development of the CCGT plant and the LNG terminal, enabling the company to move forward with the necessary permitting and associated project agreements.