(EnergyAsia, April 2 2012, Monday) — PHI Group Inc, a US company focused on energy and natural resources, said it has formed Indochina Energy Ltd, a Nevada corporation, as a special purpose holding company to develop power plant projects in Vietnam.

For now, Indochina Energy is focusing on jointly developing a 2,000 MW coal-fired power plant with Hoang Ngoc Company in An Giang Province and other plants with Sao Nam Group in Quang Tri Province with a combined capacity of 3,600 MW.

Indochina Energy Ltd also recently signed an investment agreement with Hoang Ngoc Co, following the terms previously agreed between PHI Group and the latter, to prepare for strategic and major institutional investors to participate in the An Giang power plant cluster project.

PHI Group said it working with several international institutional investor groups in Asia and Europe that have indicated an interest in financing these power plant projects in Vietnam. The company said it has the capability to supply coal to power plants on a long-term off-take basis through its relationships in Southeast Asia.

As part of the agreement with Hoang Ngoc Co, PHI Group said it will provide long-term coal supply to the An Giang Province power plant cluster.