BAC LIEU PROVINCE, Vietnam – Energy Capital Vietnam (ECV), a Vietnam-focused project development and asset management company, announced today that it has signed a Memorandum of Understanding (MOU) with The People’s Committee of Bac Lieu Province to develop an integrated Liquefied Natural Gas (LNG) to power project, representing the first opportunity for a privately-funded and owned LNG terminal in the Socialist Republic of Vietnam.
“This project demonstrates a commitment by the government of Vietnam to improve its energy security and address critical infrastructure needs.” said David Lewis, founder of Energy Capital Vietnam. “It represents a new dawn for private investment into infrastructure development within the country.”
The MOU provides the basis for ECV as the exclusive investor. It was announced during the ceremony that the Prime Minister and Ministry of Industry and Trade have already provided their full support for the project. “With the execution of our negotiated MOU, we will engage with global pools of capital for strategic investment partners into this unique opportunity. Our innovative pathway shortens the timing to secure all required licenses, certificates, permits, approvals, acceptances and agreements as per Vietnamese law within a twelve-month period.” Lewis said.
In a rare display of comprehensive support, attendees included the Party Secretary, Chairman of the People’s Council and Chairman of the People’s Committee, all representing top Bac Lieu leadership from the Party, Legislative and Executive bodies respectively. Administrative heads from all key departments were in attendance, along with the highest ranking regional commander from the Ministry of Defense and a former Vice Minister of Planning and Investment.
ECV has engaged with technical consultants and is in discussions with GE and Cheniere. The consortium will accompany the Provincial leadership of Bac Lieu to Hanoi within the next few months to formally amend the Power Development Plan for inclusion of this gas project. “We are excited to be at the forefront of integrating more US private investment into a country with such tremendous growth. We believe this will help enhance shared economic interests and continue to bring our two nations closer together.”
ECV has retained Winston & Strawn as legal counsel on the deal.
With a population of over 90 million, Vietnam has consistently averaged over 5% annual GDP growth for over 20 years. Rapid urbanization and favorable demographics help to make it one of the most dynamic economies within the region. As one of the fastest growing economies in the world, electricity consumption is expected to require the development of an additional 90 GW of generation capacity by 2030.
To learn more about ECV, please visit our website at www.ecvholdings.com