Mekong Energy Company announces Phu My 2.2 Power Plant transfer to government in 2025

The Mekong Energy Company Ltd (MECO) is operating the Phu My 2.2 thermal BOT power plant, a 715 MW gas-fired combined cycle power facility in southern Ba Ria-Vung Tau province. Its operations fall under a BOT contract involving MECO, the Ministry of Industry and Trade (MoIT), and other stakeholders. MECO is a joint venture between the EDF International (EDFI), the Sumitomo Corporation, and the JERA Co., Inc. (JERA)

On February 4, 2025, the operational term of the power plant under the BOT contract will expire and MECO will transfer the power plant to the State of Vietnam (acting through Vietnam Electricity (EVN) as the designated transferee) pursuant to the BOT contract, and will liquidate the BOT contract and other project contracts on or about the same date. MECO is currently free of any loans or borrowings.

MECO will work closely with the MoIT, EVN, and relevant government authorities to ensure the transfer is conducted in accordance with the BOT contract and Vietnamese law.