Sembcorp Transfers Phu My 3 Power Plant to Vietnam Government after 20 Years of Successful Operations

• Phu My 3 Power Plant is Vietnam's first Independent Power Project and first Build-Operate-Transfer (BOT) power project in the country
  
  

Vietnam, March 8, 2024 – Sembcorp Industries (Sembcorp), through its 67%-owned joint venture, Phu My 3 BOT Power Company Ltd, today commemorated the transfer of Phu My 3 Power Plant to Vietnam Electricity (EVN) after 20 years of successful commercial operations. In accordance with the terms of the BOT contract, EVN was appointed by the Government of Vietnam to manage the power plant following the joint venture’s completion of its contracted term of operation.

The Phu My 3 Power Plant, located in Ba Ria – Vung Tau, is Vietnam’s first Independent Power Project, and also the first BOT power project in the country.

Under the stewardship of the joint venture partners – Sembcorp, Kyuden International Corporation and Sojitz Corporation – the facility has consistently delivered reliable and sustainable power, contributing significantly to the economic and social development of the community.

The well-established operations and management of the Phu My 3 Power Plant has also fostered increased participation of foreign investors, fueling Vietnam’s economic growth.

Advancing workforce and skills development in the power industry

As Vietnam’s first Independent Power Project commissioned in 2004, the facility played an instrumental role in advancing knowledge sharing within the emerging combined cycle power generation industry. The project provided about 100 jobs and enabled the workforce to acquire valuable engineering skills. Notably, 30 per cent of the staff have remained with the facility since it started operations, as the firm continues to offer development and growth opportunities for its staff.

The Phu My 3 Power Plant has achieved an impressive string of 15 esteemed national awards, including the prestigious First Class Labor Medal awarded by the President of Vietnam in 2019. In the past 10 years, it has also clocked 5.7 million safe man-hours.

Contributed to various community programmes

Beyond its day-to-day operations, Phu My 3 BOT Power Company Ltd has made noteworthy contributions to healthcare programmes, education needs, as well as support underprivileged families in the community. This includes sponsoring medical equipment for hospitals, gratitude houses for the poor, Phu My 3 student scholarships and supporting blood donation programmes.

Sembcorp remains a long-term partner to Vietnam in energy and urban development

Sembcorp has contributed to Vietnam’s power industry and urban development for over two decades, and the smooth transfer of the Phu My 3 Power Plant will continue to underpin Vietnam’s energy needs. Sembcorp continues to be a trusted long-term partner to Vietnam in its energy transition and economic progress, supporting important pillars of the Power Development Plan 8 including renewable energy.

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