Mong Duong power station

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Mong Duong power station is an operating power station of at least 2320-megawatts (MW) in Mong Duong, Cam Pha, Quang Ninh, Vietnam.

Location

Table 1: Project-level location details

Plant name	Location	Coordinates (WGS 84)
Mong Duong power station	Mong Duong, Cam Pha, Quang Ninh, Vietnam	21.07324, 107.34847 (exact)

The map below shows the exact location of the power station.

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Unit-level coordinates (WGS 84):

• Phase 1 Unit 1, Phase 1 Unit 2, Phase 2 Unit 1, Phase 2 Unit 2: 21.07324, 107.34847

Project Details

Table 2: Unit-level details

Unit name	Status	Fuel(s)	Capacity (MW)	Technology	Start year
Phase 1 Unit 1	operating	coal: anthracite	540	subcritical	2015
Phase 1 Unit 2	operating	coal: anthracite	540	subcritical	2015
Phase 2 Unit 1	operating	coal: anthracite	620	subcritical	2015
Phase 2 Unit 2	operating	coal: anthracite	620	subcritical	2015

Table 3: Unit-level ownership and operator details

Unit name	Owner	Parent
Phase 1 Unit 1	Vietnam Electricity LLC [100%]	Vietnam Electricity LLC [100.0%]
Phase 1 Unit 2	Vietnam Electricity LLC [100%]	Vietnam Electricity LLC [100.0%]
Phase 2 Unit 1	AES-VCM Mong Dong Power Co Ltd [100%]	AES Corp [51.0%]; POSCO International Corp [30.0%]; China Investment Corp [19.0%]
Phase 2 Unit 2	AES-VCM Mong Dong Power Co Ltd [100%]	AES Corp [51.0%]; POSCO International Corp [30.0%]; China Investment Corp [19.0%]

Financing

• Source of financing: Mông Dương-1: Export-Import Bank of Korea 40%, Asian Development Bank 60%;

Mông Dương-2: US$1,461.29 million in debt from HSBC, ING Group, Sumitomo Mitsui Banking Corporation, BNP Paribas, Standard Chartered Bank, CIC Bank, Natixis, Societe Generale, Credit Agricole Group, UniCredit, DZ Bank, Mizuho Financial Group, and Export-Import Bank of Korea; US$487 million in equity from POSCO, AES Corporation, and China Investment Corporation; US$1,163.91 million in refinancing debt from HSBC, SMBC Nikko Securities, Citigroup, and Standard Chartered Bank

Background

Mông Dương-1

In 2006, the Vietnamese government applied for a loan from the Asian Development Bank for the construction of Mông Dương-1, a proposed two-unit, 1,080-MW, mine-to-mouth coal-fired power plant in the Mông Dương district of Cẩm Phả city, in the heart of Vietnam's coal mining region. At the time, Electricity of Vietnam (EVN), the sponsor of Mông Dương-1, was going through privatization.

In October 2011, after years of apparent delays, construction on Mông Dương-1 broke ground, with Hyundai Construction & Engineering, a subsidiary of Hyundai Motor Group, serving as engineering & construction contractor. The first unit went online in March 2015, and the second unit in October 2015. By May 2015, both units had been successfully tested; however, both units were apparently still under construction at that point.

In December 2014, a financing agreement for the project was closed. The Asian Development Bank and Export-Import Bank of Korea provided US$1,440.85 million in loans.

Unit 1 was completed in September 2015 and Unit 2 was completed in December 2015.

Mông Dương-2

In December 2008, the Vietnamese government agreed to grant an investment license to AES-VCM Mong Duong Power Company — a joint venture of U.S. company AES, Korea's POSCO, and China Power Investment Corporation — to build the 1,200-MW Mông Dương-2. The project is also listed at 1240 MW (2 x 620 MW). In Dec. 2010, with all necessary permits in hand, AES hired Korea's Dooson Heavy Industries, a subsidiary of the Doosan Group, to build the plant, with completion scheduled for 2015.

AES began construction in Sept. 2011, after gaining $1.5 billion in financing from 14 banks & credit agencies for the $2 billion project. Korea Trade Insurance Corporation (K-Sure) provided US$839 million in coverage for the portion of the financing provided by private banks, leaving US$280 million uninsured. The Export-Import Bank of Korea provided US$342 million of the total debt financing.

The plant will revert to Vietnamese government ownership after 25 years of operation. Unit 1 was completed in March 2015, and Unit 2 was completed in May 2015.

In August 2019 a refinancing package for Mông Dương-2 was announced. This involves a US$1.1 billion new debt package aimed at refinancing the remaining outstanding loan for the plant, whereby the proceeds from a new loan and bond issue will be used by AES-VCM Mong Duong Power Company to purchase the original project loan from the existing lenders. Citi, HSBC, Standard Chartered and Sumitomo Mitsui Finance Group are the main arranging banks on the refinancing package.

In January 2021, AES announced its intention to sell the entirety of its 51% equity stake in the Mong Duong II power station, in line with its goals to make its operations more sustainable. The purchaser was said to be "a consortium led by a U.S.-based investor", but specific entities were not named. The transaction was expected to be finalized by late 2021 or early 2022.

According to AES' annual SEC report, published in February 2022, the sale was expected to close in early 2023. The agreement was subject to approval by the Vietnam government.

AES' 2022 annual report, published in May 2023, stated that the transaction had not closed in time and was therefore terminated. AES retained its majority interest in Mông Dương-2.

In November 2023, AES was negotiating the potential sale of its 51% stake in the power station to Sev.en Global Investments, a part of the Czech energy firm Sev.en Group. POSCO was reportedly also considering selling its 30% stake in the power station. Later in the month, AES announced it had agreed to sell its stake in Mông Dương-2 to Sev.en Global Investments. Pending approval from the Vietnamese government, AES anticipated the sale would be finalized by the end of 2025. The plan to sell by the end of 2025 was reiterated in AES' 2023 Annual Report.

As of June 2024, Mông Dương-2 reportedly had 273 employees.

Typhoon Yagi

In September 2024, Mông Dương-1 and Mông Dương-2 were proactively taken offline in anticipation of Typhoon Yagi. The units were out of service and were not immediately brought back into operation.

Articles and Resources

Additional data

To access additional data, including an interactive map of coal-fired power stations, a downloadable dataset, and summary data, please visit the Global Coal Plant Tracker on the Global Energy Monitor website.