Contracts to this effect were signed in Hanoi on May 12, 2009 between EVN and the Bank for Investment and Development of Vietnam (BIDV), the Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Bank for Agriculture and Rural Development (Agribank), the PetroVietnam Financial Joint Stock Corporation (PVFC) and the EVN Financial Joint Stock Company (EVNFC).

BIDV General Director Tran Anh Tuan said at the signing ceremony that his bank will coordinate the loan, of which VND2.95 trillion ($168.5 million) will be sourced from BIDV, 73% of the total amount.

EVN General Director Pham Le Thanh revealed that his group had earlier signed a contract to borrow VND964 billion ($55 million) from the Vietnam Development Bank to pay for the resettlement of local residents at the projects site and purchase home-made hydraulic equipment.

Thanh added that EVN also received an ODA loan worth $100 million from the French Development Agency to help fund the project which is estimated to cost a total of VND11,082 billion (roughly $625 million).

Once operating at full capacity, the plant will supply more than 1.9 billion kWh to the national grid each year, helping to ease the country’s worsening power shortages, particularly during the dry season.