PHI Group has formed Indochina Energy, a Nevada corporation, as a special purpose holding company for the development of power plant projects in Vietnam.

The key projects include a 2,000 MW coal-fired power plant in partnership with Hoang Ngoc Company in An Giang Province and other plants with Sao Nam Group in Quang Tri Province with a combined capacity of 3,600MW.

Indochina has also recently signed an investment agreement with Hoang Ngoc following the terms previously agreed between PHI Group and the latter, to prepare for strategic and major institutional investors to participate in the An Giang power plant cluster project.

As per the deal with Hoang Ngoc, PHI Group will also provide long-term coal to the An Giang Province power plant cluster.

PHI Group stated it can supply coal to power plants on a long-term offtake basis through its relationships in Southeast Asia and provide a coal-combustion-to-steam-energy system developed by a US company that can save 50% of coal.