President Trump and OPIC President and CEO Present Virginia-based AES Co. Letter of Intent for Energy Project in Vietnam
November 12, 2017
Hanoi, Vietnam - Alongside President Donald J. Trump and Vietnamese President Tran Dai Quang, Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne presented today a letter of intent to Virginia-based energy company AES. The letter supports the construction of a liquefied natural gas (LNG) terminal plant and 2,250MW combined cycle power plant in Vietnam which would provide around 5 percent of the country’s power generation capacity and support its continued economic development. The presentation took place at the Presidential Palace in Hanoi.
"This project is in line with OPIC's initiative to promote the expansion of LNG markets in the Indo-Pacific region,” said Washburne. "We are excited about the opportunity to support AES and look forward to facilitating critical investment into Vietnam's energy infrastructure and supply,” added Washburne.
“With this project, AES plans to leverage from our experience and replicate the success of our LNG businesses in Central America and the Caribbean,” said President of AES' Eurasia Strategic Business Unit Mark Green. “AES has been partnering with OPIC on various state-of-the-art power generation projects around the world and is grateful for the agency’s expertise and support with this new project in Vietnam,” Green added.
The project will help bring sustainable and cost-effective energy to Vietnam, while at the same time satisfying a growing demand for electricity and need for natural gas in Asia. Creating sustainable energy solutions, including renewables and natural gas, contribute to economic and social development. Integration of multiple sources of energy will help ensure reliability of energy supply as the country continues to grow.
OPIC President and Chief Executive Officer Ray W. Washburne is traveling throughout Asia, including Japan and Vietnam, in conjunction with President Trump’s visit to the region.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 16 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2016 revenues were $14 billion and we own and manage $36 billion in total assets. Follow us on Twitter: @AES