Phuong Anh Company’s VND 5 Trillion Wind Power Ambition in Bac Lieu

VietTimes – Beyond being the investor behind the Thai Binh Coastal Road Infrastructure Project with a total investment of VND 3,872 billion, Phuong Anh Investment Construction and Trading Co., Ltd. is also the developer of a VND 5 trillion wind power project complex in Bac Lieu Province.

Illustrative image (Source: EVN)

The development of renewable energy projects, including wind power, is one of Bac Lieu Province’s key orientations for socio-economic development. The province currently hosts multiple onshore and offshore wind power projects with a combined capacity of 470 MW and a total investment value of nearly USD 1 billion.

Among them, the Hoa Binh 1 and Hoa Binh 2 Wind Power Project Complex, which has recently commenced construction, has attracted significant attention.

Specifically, on July 26, 2020, Phuong Anh Investment Construction and Trading Co., Ltd. held the groundbreaking ceremony for the Hoa Binh 1 Wind Power Plant Project – Phase 2 and the Hoa Binh 2 Wind Power Plant Project, with a combined capacity of 100 MW in Bac Lieu Province.

The Hoa Binh 1 Wind Power Plant – Phase 2 project will share infrastructure with the existing Hoa Binh 1 Wind Power Project, located in the coastal waters of Vinh Hau A and Vinh Hau Communes, Hoa Binh District. The project covers an area of approximately 935 hectares.

Meanwhile, the Hoa Binh 2 Wind Power Plant Project will be developed in the coastal waters of Vinh Thinh Commune, Hoa Binh District, with a marine project area of approximately 1,119 hectares.

The two projects have a combined capacity of 100 MW and a total investment capital of VND 5.223 trillion, including:

• Hoa Binh 1 Wind Power Plant – Phase 2: VND 2.4 trillion
• Hoa Binh 2 Wind Power Plant: VND 2.823 trillion

At the groundbreaking ceremony, representatives of Phuong Anh stated that the two plants are expected to generate approximately 400 million kWh of electricity annually, with estimated annual revenue exceeding VND 800 billion.

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Who Owns Phuong Anh Company?

According to VietTimes’ research, before expanding into renewable energy, Phuong Anh was known as a major construction contractor involved in large-scale transportation infrastructure projects in Northern Vietnam.

The company was established in December 2009, originating from Phuong Anh Private Construction Enterprise. Its current headquarters is registered at Group 6, Thanh Truong Ward, Dien Bien Phu City, Dien Bien Province, Vietnam.

As of March 25, 2020, Phuong Anh had a registered charter capital of VND 2.267 trillion, held by two shareholders:

• Ms. Hoang Thi Phuong: 76.326% of charter capital
• Ms. Ngo Thi Phuong Lan: 23.674% of charter capital

Ms. Hoang Thi Phuong (born in 1959) currently serves as Chairwoman and General Director of Phuong Anh. She is also associated with several other legal entities, including Phuong Anh Phu Quoc Investment Construction and Trading Co., Ltd. and Hoa Binh 1 Wind Power Investment JSC. In addition, she is a major shareholder holding 41.98% ownership in Vuong Quoc Anh Construction Co., Ltd.

Meanwhile, Ms. Ngo Thi Phuong Lan (born in 1984) serves as the legal representative of Phuong Anh’s Thai Binh branch and Vietnam Debt Trading Company.

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From Transport Infrastructure to Renewable Energy

The development strategy of the Phuong Anh Group is closely linked with numerous large-scale infrastructure projects implemented under Public-Private Partnership (PPP) models, extending from Northern to Southern Vietnam.

In Thai Binh Province, in February 2019, Phuong Anh was selected as the investor for the Thai Binh Coastal Road Infrastructure Project, with a total investment value of VND 3.872 trillion. The project was implemented under the Build-Operate-Transfer (BOT) model during the period of 2018–2021, with a planned toll collection period of 23 years and 3 months.

Previously, in 2016, Phuong Anh was assigned to implement the Thai Binh – Ha Nam Road Connecting to Cau Gie – Ninh Binh Expressway Project, with a total length of more than 26 km, including the Den Tran connecting route. The project had an investment value of nearly VND 4.3 trillion under the Build-Transfer (BT) model, with construction value reaching approximately VND 2.5 trillion.

In Phu Yen Province, in 2015, the consortium of Phuong Anh – Vuong Quoc Anh – Thai Son Environment and Construction Co., Ltd. was selected as the investor for the Phu Yen – Gia Lai Road Upgrade Project, with a total investment value of VND 4.662 trillion.

In Ho Chi Minh City, Phuong Anh previously proposed investing in the section from the Nguyen Van Linh – Ba Chiem Bridge intersection under the BT model, with a total investment value of VND 8.47 trillion. The project was proposed to be repaid through approximately 1,200 hectares of land within the Hiep Phuoc Urban Area, Nha Be District.

With a strong position in transportation infrastructure, Phuong Anh’s move into wind power investment demonstrates the company’s new strategic ambition in the renewable energy sector.

According to VietTimes’ data, Phuong Anh owns 6.46 million shares, equivalent to 95% of the charter capital of Hoa Binh 1 Wind Power Investment JSC, the project company behind the Hoa Binh 1 Wind Power Plant Project in Bac Lieu.

However, in April 2020, Phuong Anh mortgaged all of these shares at VietinBank – Chuong Duong Branch.

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