Recently, in Can Tho City, Construction Corporation No. 1 – JSC (CC1) and Power Generation Corporation 2 – JSC (EVNGENCO2) held a signing ceremony for a Memorandum of Understanding (MOU) on investment and development of projects in the energy sector, marking the beginning of a collaborative research process to seek investment opportunities and develop new power source projects, focusing on pumped-storage hydropower projects.
According to the signed agreement, CC1 and EVNGENCO2 will cooperate and explore opportunities for co-development of potential power generation projects, including the Trung Son pumped storage hydropower plant with a capacity of 1,200MW in Thanh Hoa province and the Quang Tri pumped storage hydropower plant with a capacity of 500MW in Quang Tri province.
Speaking at the signing ceremony, Mr. Le Bao Anh – General Director of CC1 – affirmed that the event is a significant step forward in cooperating to develop energy projects based on leveraging the strengths of CC1 and EVNGENCO2, together aiming for long-term value for the national power system.
“In energy development, CC1 views pumped-storage hydropower not only as a solution to supplement electricity sources, but also as contributing to improving the regulation and balancing of the system and the efficient exploitation of renewable energy sources. This is also the long-term value that CC1 aims for in today's cooperation, gradually participating more deeply in energy projects that are significant for the security and sustainable development of the power system. We wish to contribute our experience in investment, construction management, and construction organization right from the preparation stage. Early coordination will help ensure that options are considered more fully in terms of feasibility, construction capacity, schedule, cost, and future operational requirements,” Mr. Le Bao Anh emphasized.
According to Mr. Tran Phu Thai, Chairman of the Board of Directors of EVNGENCO2, in addition to the power plants already in operation and projects under implementation, the Corporation also aims to develop new power sources, namely clean energy and renewable energy. Mr. Thai stated that signing the Memorandum of Understanding on cooperation with CC1 will further deepen bilateral cooperation, providing a basis for promoting the inclusion of additional projects in the master plan. EVNGENCO2 hopes that this cooperation will bring practical benefits and value to both sides in collaborating and seeking opportunities for joint development of pumped-storage hydropower projects.
The Chairman of the Board of Directors of EVNGENCO2 also requested relevant units and departments of the Corporation to actively focus and coordinate with CC1 in adding the Quang Tri Pumped Storage Hydropower Project and the Trung Son Pumped Storage Hydropower Project to the revised plan, as well as implementing the next steps when the projects are included in the Plan.
The signing ceremony for the cooperation agreement between CC1 and EVNGENCO2 took place amidst growing interest in developing new power sources. Along with the rapid development of the economy and market, the demand for electricity continues to increase, requiring the addition of new sources and improved capacity of the power system. Therefore, expanding cooperation between businesses with experience in power generation, investment, construction, and project development can create a foundation for the parties to connect their strengths and jointly research opportunities aligned with each unit's development orientation.
Regarding CC1, established in 1979, over 47 years of development, the company has accumulated experience through numerous key projects nationwide. From a state-owned enterprise under the Ministry of Construction, CC1 has gradually reformed its operating model, developed its management capabilities, and expanded its business scale. Since 2020, CC1 has been operating as a joint-stock company with 100% of private capital.
Currently, CC1 focuses its operations on three core areas: construction, investment, and the production and trading of construction materials. This combination allows CC1 to be more proactive in organizing and implementing projects, from resource preparation and material supply to construction management and execution.
In the energy and industrial sector, CC1 has been involved in the construction of many landmark hydroelectric projects such as: Tri An, Thac Mo, Ham Thuan - Da Mi, Buon Kuop, Buon Tua Srah, Dak R'Tih, Dong Nai 3, Dong Nai 4, etc. For thermal power projects, CC1 has also participated in the implementation of projects such as Nhon Trach 1 Power Plant, Nghi Son 1 Thermal Power Plant, Vung Ang 2 Thermal Power Plant, Duyen Hai 3 Expansion Thermal Power Plant, etc.
In particular, CC1 participated in the construction of EVNGENCO2's O Mon 1 Thermal Power Plant. Currently, CC1 is implementing the project as the EPC general contractor for the Quang Trach 1 Thermal Power Plant, the Na Duong II Thermal Power Plant, and several other projects.
Power Generation Corporation 2 – JSC (EVNGENCO 2) is a joint-stock company operating under a parent-subsidiary structure, possessing legal personality. It was converted from a limited liability company with a single owner (EVN) holding a controlling stake to a joint-stock company in which EVN holds a controlling stake.
EVNGENCO 2 officially commenced operations on July 1, 2021, comprising 5 subsidiary accounting units under the parent company, 1 subsidiary in which the parent company holds 100% of the charter capital, and 5 subsidiaries in which the parent company holds over 50% of the charter capital.
EVNGENCO 2 has identified the research and development of investment opportunities in pumped-storage hydropower projects as one of the key priorities for the Corporation's future investment and development of its resources.