Hanoi (VNA) –🦄 A credit contract to provide 95million USD for the restructuring of Dak Drinh hydro power plant was signed inHanoi on December 14.
Signatories were PV Power DHC that operates theplant, the Asian Infrastructure Investment Bank (AIIB) and French bank Natixis.
The Dak Drinh plant located in Quang Ngai and Kon Tumprovinces in central Vietnam is a key project of PetroVietnam Power Corporation (PV Power) with an installedcapacity of 125 MW, and a major project in the national powerdevelopment plan for the 2011-20 period, with vision to 2030.
🐼 An AIIB representative said the new credit with a preferential interest rate will help cut production costs and enable investment in upgrading the plant's equipment, thus improving its efficiency and profit.
PV Power, a subsidiary of the Vietnam Oil and Gas Group(PetroVietnam), is the second largest electricity supplier of Vietnam after theVietnam Electricity (EVN). The company is running six affiliates and power plants witha combined installed capacity of 4,205 MW, generating about 21 billion kWh peryear and making up 12 percent of the market share./.
PetroVietnam Power Corporation (PV Power) reported a post-tax profit of 720 billion VND (over 31.2 million USD) the first quarter of 2021, surpassing the quarterly plan by 6 percent.
Credit ratings agency Fitch Ratings has for the first time assigned the PetroVietnam Power Corporation (PV Power) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of “BB” with a positive outlook.
The PetroVietnam Power Corporation (PV Power), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), set a goal of producing 1,707 million KWh of power and earning nearly 2.5 trillion VND (110.3 million USD) in November.
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At the signing ceremony. (Photo: VNA) 
