EDF’s investment in the Mekong Energy Company gives it a stake in the gas-fired power plant Phu My 2-2 in Vietnam.
Mekong Energy Company (MECO), Vietnam’s first IPP (Independent Power Producer) is a subsidiary of the EDF Group. It owns and operates the 715-MW combined cycle power plant Phu My 2-2 located in Ba Ria - Vung Tau province, 70 km southeast of Ho Chi Minh City.
MECO was established to build Phu My 2.2 and to own and operate the power plant under a 20-year BOT (Build-Operate-Transfer) contract.
Its shareholders are EDF International (56.25%), Sumitomo Corporation (28.125%) and Tokyo Electric Power Company (TEPCO) International (15.625%).
The construction contract was awarded in early 1999 to MECO following an international tendering process. The project was supported by a range of international partners, including the Vietnamese Government, the World Bank, the Asian Development Bank, the Japanese Export Credit Bank, a subsidiary of the French Development Agency, and a consortium of private banks.