The Electricity Group of Vietnam (EVN) inked Thursday a loan deal worth an enormous VND14.5 trillion (US$689.29 million) with a bank alliance for its new hydropower plant project in Lai Chau Province.

The lenders include Vietcombank, Vietinbank, BIDV, and Agribank.

The Lai Chau Hydropower Plant is expected to consist of three turbines with a total capacity of 1,200 MW, and will be capable of supplying more than 4.6 billion kWh on an annual basis.

The project will be the last in a series of similar facilities planned to be built along the Da River, a megaproject that will cost a total of VND35.7 trillion ($1.7 billion).

The first turbine is expected to become operational in 2016, while the whole facility is scheduled to reach completion in 2017.

In its financial report for the first half of this year released earlier this month, EVN said all targets have been achieved, and “the company has balanced finances,” while refusing to confirm whether it posted profits or not.

Total electricity sales in the first six months of the year were 55.67 trillion kWh, an increase of 10.13 percent compared to the same period last year, according to EVN.

The company also said it will speed up the divestment procedure from several companies operating in businesses that have little relation to electricity, such as real estate, finance, and banking.