Russia to Loan $9B to Vietnam First Nuclear Power Plant

Russia agreed to lend Vietnam between $8 billion and $9 billion to build the first nuclear power plant Ninh Thuan 1, said Pham Minh Tuan, head of the state-run Electricity of Vietnam Group (EVN)’s Nuclear Power and Renewable Energy Projects Pre-Investment Board. The loan will last 28 years with the first disbursement in 2014, Tuan attributed without disclosing the interest rate. Ninh Thuan 1 plant with two reactors with combined capacity of 2,000 MW belongs to Vietnam’s national electricity development plant between 2011 and 2020 with a vision to 2030 (Plan VII). Its construction is slated to start in 2014. The facility, at Phuoc Dinh commune, Thuan Nam district, the central province of Ninh Thuan, will be developed under the Advanced Light Water Reactor (ALWR) technology which is proven to ensure absolute safety and economic efficiency. Once operational, the plant is expected to contribute to meeting power demands for socio-economic development, enhancing national energy security, and improving the country’s atomic energy technologies. Three foreign firms of Russia’s E4 Group, JSC Kiep and LLC EPT, have signed a contract to provide consultancy services to make a site approval dossier and an investment project for Ninh Thuan 1 plant. The deal will last 18 months and cost for the consultant services will be funded by the Russia government. (Bloomberg Nov 22, dvt.vn Nov 22)