Taekwang Power Holdings, a unit of South Korean textile and shoemaker Taekwang, said Monday that it has received approval from the Vietnamese government to build a $2.3 billion power plant in the Southeast Asian country.
Taekwang Power has been seeking to build the plant with total capacity of 1,200 megawatts in the northeastern Nam Dinh Province, with a slew of South Korean firms, including Doosan Heavy Industries & Construction and POSCO Engineering & Construction, participating in the project.
After the coal-fired power plant is constructed, Taekwang will transfer the operation of the plant to the Vietnamese government after running it for 25 years.
Taekwang has been one of the key partners for Nike, the global sports brand. (Yonhap)
