A consortium has been formed comprising Energy Capital Vietnam (ECV), B.Grimm Power Public Company Limited (B.Grimm Power) and Siemens Energy to develop an LNG-to-power project in the Southern Vietnamese province of Binh Thuan. B Grimm Power will invest approximately USD200 million in equity upon the project’s financial closure, under a joint development agreement (JDA) signed with ECV.
Siemens Energy and ECV have also signed a memorandum of understanding (MoU) under which Siemens Energy will provide advanced technology equipment to the LNG project. Siemens Energy is also evaluating its contribution to the construction equity, which is expected to cost USD1.75 billion.
At full capacity, the LNG-to-power plant is expected to generate up to 3,600 MW of renewable electricity (RE) from 3 million tonnes of LNG per annum (MPTA). The project will use a floating storage and regasification unit (FSRU) to provide a cost-effective LNG import solution and will link to an onshore power complex through a subsea pipeline. The project’s first phase is set to begin operations in 2025.