Toyo Ventures Holdings Berhad has provided more updates on the development of "Song Hau 2 Thermal Power Plant Project" in Vietnam which has now been terminated by the Vietnamese government.
The group which announced recently on a loan facility of over RM4.6 billion for the project has received a letter from its legal counsel i-Power Solutions Pte Ltd, citing since the Project now stands terminated, there is no longer any applicable purpose for the Equipment Facility of United States Dollar Nine Hundred and Eighty million (USD980,000,000) granted.
additionaly, the was also news that Export-Import Bank of Malaysia Berhad of being appointed Mandated Lead Arranger for a funding raising exercise of up to USD2.68 billion, one of the biggest of its kind to be raised by a Malaysian bank for an overseas project.
This project, to be undertaken by the Toyo Ventures, Song Hau Power 2 Company Ltd, was suppose to be constructed by an EPCC consortium made up of Sunway Construction Sdn Bhd and Vietnam's Power Engineering Consulting Joint Stock Company 2. PECC2, is a subsidiary of Electricity of Vietnam, the state-owned enterprise, is also the appointed O&M for the plant throughout the concession period,
Toyo Ventures said that the SH2P is in the midst of finalising the syndicated financing facilities for the Project.
