Phu My III Project

Vietnam's first in-operation IPP project backed by foreign investments

"The Phu My III Project is an IPP project with investments made by Kyushu Electric, the Sojitz Corporation, and SembCorp Utilities. Domestic natural gas from the Nam Con Son undersea gas field in Vietnam's southeastern ocean is utilized for the generation of electricity via highly fuel-efficient gas combined cycle technology. The generated electricity is then sold to Vietnam Electricity (EVN) under a 20-year power purchase agreement.

Kyushu Electric dispatched engineers to supervise project construction, and at present there are two on-site personnel participating in business management.

NEXI, ADB, and MIGA provide extended country risk insurance for the commercial lenders involved in financing this project. "