US AES owns 51% stake in AES-VCM Mong Duong Power, which will develop the plant on a build-operate-transfer basis

The plant with a capacity of 1.24GW Mong Duong 2 plant will receive a loan of $1.46bn from 12 banks led by the French CIC bank and German DZ bank.

Korea Eximbank and Korea Trade Insurance Corporation will provide commercial guarantees and political risk cover for the project, reports Reuters.

POSCO Power, a subsidiary of South Korea’s POSCO will hold a 30% interest while China Investment holds a 19% stake in the project.