Jaks Resources Bhd has signed various memoranda of agreement with relevant authorities and government agencies in Vietnam on the proposed development of a 1,200-megawatt thermal power project in Hai Doung.
The project will be developed under a build-operate-transfer (BOT) structure and run as an independent power plant with 25-year power purchase agreement with the state-owned national utility company, Vietnam Electricity.
In a filing to Bursa Malaysia Thursday, Jaks Resources said construction of the project is slated to start in the last quarter of this year and the commercial operation for the first unit of 600 megawatts is scheduled in the fourth quarter of 2014 and the remaining 600 megawatts will follow in second quarter 2015.
Upon expiry of the concession term, the company will transfer the plan to Vietnam's Ministry of Industry and Trade.
In addition, the company also entered into a memorandum of agreement with Vietnam National Coal-Mineral Industries Group (Vinacomin) for coal supply from nearby coal mines in the Quang Ninh province.
Source: Bernama