VDB finances Hua Chang hydroelectric Project
03/12/2015 12:12
On December 1st, 2015, Vietnam Development Bank’s Son La Branch and Hua Chang hydropower Joint Stock Company of Lai Chau province have signed a credit contract with VND206.577 trillion to finance Hua Chang hydroelectric Project
Located in Tan Uyen district, Lai Chau province, Hua Chang hydropower Project has capacity of 42.33 million KWh per year. When completed, it will provide more power for the national grid, meeting higher energy demand of the country for social - economic development. The project operation contributes to restructure the local economy and improves the living standards for ethnic minority people in the province.
According to the signed contract, VDB’s Son La branch will finance the project with an amount up to VND 206.577 trillion of state investment credit for a maturity of 12 years. The investor committed to use the loan proceeds with efficiency for right purposes and pay interest and principle in the time prescribed in the credit contract ./.