Asia and Oceania

Vietnam’s Cavico begins work on 13.5-MW Dasiat, 36-MW Van Chan

Hydro plant and infrastructure builder Cavico Corp. announced preparations are advancing for the 13.5-MW Dasiat and 36-MW Van Chan hydropower projects in Vietnam.

Cavico said it signed a contract June 6 with Dasiat’s general contractor, Southern Hydropower Joint Stock Co. The US$4.36 million agreement calls for Cavico, as sole subcontractor, to provide construction services and equipment for Dasiat’s tunnel, power waterways, intakes, surge tanks, and other works.

Work is to begin July 1 on Dasiat stream, in Lam Dong Province, downstream from the 180-MW Dong Nai 3 and 340-MW Dong Nai 4 hydropower projects. Completion is expected in 18 months.

Van Chan to be developed on BOO basis

Cavico also said it has completed final preparations and investment procedures to begin construction of Van Chan on a build-own-operate basis. The US$43.2 million project is to be completed in 2008, at which time the Van Chan Hydropower Co. will join Vietnam’s national power network.

Cavico Infrastructure Construction Co. is the major engineering-procurement-construction contractor for Van Chan, which is to be built in Van Chan District of Yen Bai Province. Cavico Energy Development Investment Co. is the main investor, with several investment banks. (HNN 5/3/06)

Cavico Corp. recently became the first Vietnamese company to list on a U.S. stock exchange, engaging Providential Holdings Inc. of the United States to help it obtain US$10 million in funding from institutional investors.

On June 5, Cavico announced it secured US$1 million in funding commitments through a 504 registration with the Stone Financial Group Inc. Proceeds are to be used for working capital and to build and develop company operations.