Cavico said it has applied to the government for permission to begin planning and technical work on the Dak My I scheme, and it hopes to begin construction next year. It is planning to have the plant online by 2011.

‘This is in direct alignment with our stated goals of moving into the operation and ownership of large infrastructure projects,’ the company said in a statement.

While Cavico has invested in other projects, it said the Dak My I scheme would be the first time it would act as majority investor, contractor and owner-operator. A key part of the development attraction is to establish a revenue stream from the asset as the country’s economy, and energy demand, continues to grow.

The company added that US financial institutions and investors have expressed interest in the project. It sees the project as the first on of a potential cascade system on Dak My river in Quang Nam province, about 80km from Danang in the centre of the country.