LOS ANGELES & HANOI, Vietnam--(BUSINESS WIRE)--Cavico Corp. (“Cavico” or “the Company”) (OTC BB: CVIC - News), a leading infrastructure development company in Vietnam, today announced that the Company’s wholly owned subsidiary, Cavico Hydropower Construction, was awarded a $9.8 million construction contract by Song Giang 2 Hydropower Joint Stock Company (“Song Giang”) on January 12, 2009.
Cavico Hydropower will be responsible for the construction of a 3,900 meter long headrace tunnel, two sub tunnels of total 650 meters in length, and a 42 meter tall surge tank. Cavico Hydropower expects to complete the construction within a period of 20 months. The first phase of the project which will involve site preparation is expected to commence in the first quarter of 2009.
Song Giang 2 hydropower plant will be built on the Song Giang River. This plant will be located southwest of Khanh Hoa province, which is 30 miles away from Nha Trang city. Upon completion, the 37 megawatt hydropower plant is expected to generate 141 million kilowatt-hour of electricity annually. The plant will be connected to the national grid to help to ease the shortage of electricity supply in the country. The Song Giang 2 hydropower plant has a total estimated value of approximately $50 million and is considered to be one of the largest hydropower projects in the Khanh Hoa province.
“We are pleased to announce our first contract of the year 2009. We believe the construction of the hydropower plant is a great start for the year as we have an experienced team of professionals deployed to work on this project,” commented Mr. Hai Thanh Tran, vice president of Cavico. “We expect to enter into additional contracts during the year as the Vietnamese government intends to revive the economy by encouraging additional infrastructure projects.”
About Cavico Corp. (OTCBB: CVIC - News)
Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company employs more than 3000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.
Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Vietnam. Cavico is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, ports and urban community developments. One of the Company’s primary competitive advantages is its ability to nurture a project “from concept through completion” with a vertical portfolio of interrelated investment, permitting, design, construction management and facility maintenance services. Cavico’s project partners include top multi-national corporations and government organizations. The Company employs more than 3,000 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.
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