OneEnergy, a joint venture between the CLP Group and Mitsubishi, and state-owned electricity utility Electricity of Viet Nam Group (EVN) have signed a memorandum of understanding for the development and ownership of phases 3.1 and 3.2 of the Vinh Tan power complex in the Binh Thuan province of Viet Nam.

With a planned installed capacity of over 2,000MW, the coal-fired power plant project will be OneEnergy’s first major investment in Viet Nam.

Construction on the first phase of the project is expected to commence in late 2010, and will be operational by 2014. OneEnergy and Electricity of Viet Nam Group (EVN) will form a joint stock company for the project, in which OneEnergy will have a majority interest.

Mark Takahashi, CEO of OneEnergy, said: “OneEnergy is very excited about our partnership with EVN for the Vinh Tan-3 Project. The project’s close proximity to Ho Chi Minh City, its natural deep-harbor characteristics and the strong market fundamentals of Viet Nam combine to make it an exceptional opportunity.”