PV Power concentrates all the resources on investment in the new projects
11:56 | 31/07/2021
Documents of the 13th Party Congress have identified the GDP average growth rate of the country in 2021-2025 period as 6.5 – 7.0 % per year. For achieving this figure, the electricity industry plays very important role and would be a motive power for the socio-economic development and living standard improvement of the people.
Decree No. 07/2018/ND-CP dated January 10, 2018 of the Government promulgating the Charter of Organization and Operation of the Vietnam Oil and Gas Group (PVN), clearly stated that the Power industry is one of the five business fields of PVN and PV Power as a member unit of PVN is the leading national power producer, with an installed capacity of 4,208 MW, accounting for about 10% of the installed capacity of the whole system.
The Resolution of PVN on the production and business plan of PV Power in 2021 - 2025 period and its development strategy to 2035, identified that PV Power should strive to achieve a total installed capacity from 5,760 - 7,260 MW and the average annual power generation of about 40 billion kWh
Today PV Power is the power producer owning and managing the most gas-fired power plants among domestic power producers. Implementing the approved development strategy, PV Power focuses on developing LNG power projects.
At present PV Power is aggressively investing in Nhon Trach 3, 4 - the first LNG power projects in Vietnam which expect to be put into commercial operation by the second quarter of 2024. PV Power is also promoting investment in Ca Mau 3, Quang Ninh LNG power projects.
In order to synchronously implement and accelerate strategy of PV Power, its leadership has proposed the following solutions:
Firstly, Financial solutions:
PV Power is mobilizing capitals by the domestic and foreign loans, issuing bonds for investment projects and for increasing the charter capital, mobilizing capital from shareholders participating in project investment...
PV Power has built very close cooperation relationships with dozens of the large domestic and global banks and financial institutions such as: City Bank, ING, SMBC, Vietcombank, BIDV... During its operation PV Power always received great attention, cooperation and high appreciation from the banks.
PV Power has a very close cooperation with the world's leading banks.
Besides, PV Power also timely provided the solutions on managing the enterprise finance, short and long – term cash flow for ensuring the usual production and business, investment and financial activities as well as arising needs of the enterprise. With a debt-to-equity coefficient of about 0.6, PV Power's financial health is assessed to be safe, efficient and developed.
With a strong financial foundation, the loans repayment of PV Power in general and its subsidiaries, in particular is always timely and fully implemented. Up to now, the domestic and foreign financial duties of new large projects as Ca Mau 1,2, Nhon Trach 1,2 have been fulfilled.
On May 6, 2021, Fitch Ratings the world's leading credit rating agency ranked PV Power for the first time in “BB” level equal to EVN, PVN. It is a premise for PV Power to put up its POW shares into the foreign stock exchanges that should increase credit, shares, attract investment and increase investment capitals from issuing the shares.
Secondly: The solutions for investment management and organization.
PV Power has determined since its foundation the first importance of the human factor. So after 15 years, the corporation has trained a human staff proficient in all the sphere from investment, construction to operation, maintenance and repairing of power plants. With this foundation, PV Power is moving towards a modern model maximal applying information technology in enterprise management.
The human management system of PV Power has rebuilt for agreeing the international standards to enhancing the qualifications and management level and initiative sense in operating the new power plants. PV Power is forwards 4.0 technologic foundation and ERP management system.
PV Power, Colavi, Tokyo Gas and Marubeni signed a cooperation agreement to develop the Quang Ninh LNG project.
PV Power also usually looks for cooperation with the domestic and foreign investment partners for maximal salvaging resources, for example, PV Power promoted investment consortium including Vietnamese PV Power Corporation, Colavi and Japanese Tokyo Gas and Marubeni for implementing Quang Ninh LNG power project.
Thirdly, strengthening the power management, operation, generation and participation in the electricity market
During the recent 15 years, PV Power always ensured absolute safety in the management and operation of existing power plants. With about 21 billion kWh of electricity per year contributing to the National Power System, PV Power is considered an efficient electricity producer with a high-profit and stable rate in Vietnam.
Up to now, PV Power still considers strengthening risk management in power generation and operation as the foundation of the all success. Controlling, managing fuel, materials and personnel management... of power plants is the basic task in order to reduce the breakdown rate, increase the availability, and ensure the reliability of the project equipment. On this spirit, PV Power is always ready to operate the new power plants and participate in the competitive retail electricity market in future.
The success of the investment at PV Power is not only the success of the shareholders but also the success of the country in ensuring energy security for the socio-economic development.
Founded in 2007 with an initial charter capital of VND 7,600 billion, after 15 years, today PV Power has become the second largest power producer in Vietnam, leading in the gas power field with 7 power plants having a total capacity of 4,208 MW, contributing 21 billion kWh/year to National Power System; the charter capital of VND 23,000 billion. All the power plants of PV Power use the most modern technology in the world in development time that ensures a long-term stable and safe operation.