Mitsubishi pulls out of Vietnam coal plant amid climate concerns

Nikkei -- Feb 26
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing international concern about climate change, Nikkei has learned.

The project is separate from the Vung Ang 2 coal power plant, which the governments of Japan and Vietnam are pursuing together. Environmental activist Greta Thunberg has called for the cancellation of Vung Ang 2.

Vinh Tan 3, planned for Binh Thuan Province in southern Vietnam, is scheduled to come online in 2024. The 2-gigawatt plant is expected to feature cutting-edge ultra-supercritical technology.

OneEnergy, a joint venture of Mitsubishi and Hong Kong's CLP group, holds a 49% interest in the $2 billion project. State-owned Electricity of Vietnam owns another 29%. Chinese companies are handling materials procurement, construction and equipment delivery.

- Nikkei