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OPIC to support AES in energy project

Released at: 15:33, 13/11/2017

OPIC to support AES in energy project

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US Government agency presents AES Corp. with letter of intent regarding support for energy project in Vietnam.

by Quang Huy

President and CEO of the Overseas Private Investment Corporation (OPIC), Mr. Ray W. Washburne, presented a letter of intent on November 12 to the Virginia-based energy company AES, expressing its support for the construction of a liquefied natural gas (LNG) terminal and 2,250 MW combined cycle power plant in Vietnam.

The presentation took place at the Presidential Palace in Hanoi in the presence of State President Tran Dai Quang and US President Donald Trump, who paid a State visit to Vietnam on November 11 and 12.

The power plant will provide around 5 per cent of Vietnam’s power generation capacity and support its continued economic development, OPIC said in a press release.

“This project is in line with OPIC’s initiative to promote the expansion of LNG markets in the Indo-Pacific region,” said Mr. Washburne. “We are excited about the opportunity to support AES and look forward to facilitating critical investment in Vietnam’s energy infrastructure and supply.”

“With this project, AES plans to leverage from our experience and replicate the success of our LNG businesses in Central America and the Caribbean,” said Mr. Mark Green, President of AES’s Eurasia Strategic Business Unit. “AES has been partnering with OPIC on various state-of-the-art power generation projects around the world and is grateful for the agency’s expertise and support with this new project in Vietnam.”

The project will help bring sustainable and cost-effective energy to Vietnam while at the same time satisfying growing demand for electricity and the need for natural gas in Asia. Creating sustainable energy solutions, including renewables and natural gas, contributes to economic and social development. The integration of multiple sources of energy will help ensure reliability of energy supply as Vietnam continues to grow.

Established in 1971, OPIC is a self-sustaining US Government agency that helps American businesses invest in emerging markets. It provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances US foreign policy and national security priorities.

AES Corp. provides affordable, sustainable energy to 16 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. 2016 revenues were $14 billion and it owns and manages $36 billion in total assets.

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