PV Power (POW) Breaks Ground on $2.3B LNG Plant in Nghe An with SK Innovation

Overview

PV Power (POW) has approved a resolution to contribute 51% of the charter capital to establish LNG Quynh Lap Power Plant JSC, a 1,500MW LNG-fired power plant in Nghe An province. The total investment is VND 59,372 billion (~$2.3 billion), with groundbreaking scheduled for May 18, 2026. Partners include South Korea’s SK Innovation and local firm NASU.

Key Facts

• Total investment: VND 59,372 billion (~$2.3 billion).
• Plant capacity: 1,500MW, comprising two 750MW units.
• LNG storage: 250,000 cubic meters, with regasification infrastructure.
• Annual LNG consumption: ~1.15 million tonnes.
• Land area: 152.88 hectares in Tan Mai ward, Nghe An.
• Groundbreaking date: May 18, 2026.
• Turbine contract signed with GE Vernova on March 10, 2026.

What Happened

On May 6, 2026, PV Power’s board issued Resolution No. 37/NQ-ĐLDK approving the contribution of 51% of charter capital to form LNG Quynh Lap Power Plant JSC. This follows the Nghe An Provincial People’s Committee’s investment approval on February 12, 2026, and the issuance of an investment registration certificate in March 2026 to the consortium of PV Power, SK Innovation (Korea), and Nghe An Sugar Company (NASU).

The project includes two 750MW turbine units, a 250,000 cubic meter LNG storage tank, and regasification facilities. PV Power has already signed a reservation contract with GE Vernova for gas turbines and generators on March 10, 2026. Site clearance and leveling were completed in April 2026, paving the way for the groundbreaking ceremony on May 18, 2026.

Market Context

POW closed at VND 13,000 on April 15, 2026, down 0.38% on volume of 9.58 million shares. The stock trades on HOSE. The LNG Quynh Lap project aligns with Vietnam’s Power Development Plan VIII (PDP8), which prioritizes LNG-to-power to reduce coal dependence. Nghe An province is now ranked second nationally in FDI attraction, partly due to this project.

Strategic Significance

This project strengthens POW’s position as a leading LNG power developer in Vietnam, diversifying its generation mix beyond gas and hydropower. The partnership with SK Innovation brings advanced LNG technology and potential AI data center synergies. For long-term investors, the project adds ~1.5GW of baseload capacity, supporting POW’s earnings growth and the national energy transition.

What to Watch

• Finalization of the feasibility study and detailed 1/500 zoning plan.
• Progress on LNG supply agreements and long-term contracts.
• Execution of the turbine delivery timeline with GE Vernova.
• Potential equity or debt financing announcements for POW’s 51% stake.
• Updates on the AI data center collaboration with SK Innovation.