Argentine supplier, Petrovietnam plan Vietnam wind, hydro venture

Petrovietnam Power Corp. has signed an agreement with Argentina power equipment supplier Industrias Metalurgicas Pescarmona S.A. (IMPSA) to develop a 1,000-MW wind generator and to produce equipment for wind and hydropower plants in Vietnam.

IMPSA, which is to be 71 percent owner of the joint equipment manufacturing operation, said the objective of the agreement includes manufacturing and commercialization of hydroelectric equipment and wind generators, development and operation of hydro and wind power projects, and after-sales services.

IMPSA is to hold 49 percent of any power projects developed jointly, while Petrovietnam Power, the power unit of Vietnam state oil monopoly Petrovietnam, will own 51 percent.

The Hanoi Moi daily quoted Petrovietnam saying it would establish a joint venture with IMPSA to operate the US$2.35 billion wind plant and to produce parts for wind and hydropower plants. The wind plant will be located in the south central province of Binh Thuan, to be completed in the next five years.

Petrovietnam established Petrovietnam Power in 2007, with capital equal to US$471 million, to invest in and run power plants, including hydropower. (HNN 6/18/07) Among its projects is the 180-MW Hua Na hydro development in Vietnam’s Nghe An Province (HNN 3/25/08) and the 1,240-MW Luang Prabang hydro project in Laos. (HNN 12/10/07)

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