A consortium led by Korea’s Taekwang Vina Industrial will build a coal-fired power plant in Nam Dinh, Vietnam, under a new deal with the Korean Government.

The plant will have the potential to generate 1,200MW following its first phase of construction between 2012 and 2017, and graduate to a final capacity of 2,400MW by 2021, according to Chosun Ilbo.

The new memorandum of understanding (MOU) follows an approval gained by the consortium to build the $4.5bn power plant on a build-operate-transfer basis in the country.

The consortium said it expects to generate at least $25bn in revenue over the next 25 years though the investment.