PV Power Boosts Capital by Nearly 30% for $1.4B LNG Plants
PV Power, a Petrovietnam subsidiary, is boosting its charter capital by nearly 30% to fund two LNG-fired power plants, Nhon Trach 3 and Nhon Trach 4, with a total investment of approximately $1.4 billion. The capital raise, part of PV Power's strategy to strengthen its financial position and support Vietnam's growing energy demands, aims to be completed by February 7, 2026, following shareholder approval and registration with the State Securities Commission.
The capital increase, from VND23.42 trillion to VND30.68 trillion, will be used to fund the construction and operation of the two LNG power plants in Dong Nai province. The increase includes an offering of 281 million shares at VND10,000 per share, a 15% bonus share issuance, and a 4% share dividend. Petrovietnam, which holds a 79.94% stake in PV Power, will contribute approximately VND2.25 trillion to the capital increase. The company will hold an extraordinary general meeting of shareholders on September 25 to seek approval for the capital increase.
The two LNG-fired power plants, Nhon Trach 3 and Nhon Trach 4, are expected to significantly contribute to Vietnam's energy supply. By the end of Q2/2025, 99% of the EPC work for both plants had been completed, and key infrastructure such as the NT3-Long Thanh transmission line has been finished. PV Power has signed a 25-year LNG supply contract with PV Gas and Power Purchase Agreements with Vietnam Electricity for the two projects.
The capital increase will fund the completion and operation of the Nhon Trach 3 and 4 LNG power plants, further strengthening PV Power's financial position and contributing to Vietnam's energy demands. The project is expected to play a significant role in ensuring the country's energy security and supporting its economic growth.
