SEOUL, March 22 (Yonhap) — GS Energy Corp., an energy unit of South Korean conglomerate GS Group, said Monday it will build and operate a power plant fired by liquefied natural gas (LNG) in Vietnam.

GS Energy said it will build a 3 gigawatt LNG-fired power plant in southern Vietnam in a deal estimated at 3.5 trillion won (US$3 billion).

The Korean company said it will sign a power purchase agreement with the state-run Vietnam Electricity Group to begin commercial production in 2027.

In 2019, GS Energy signed an initial agreement with Vietnamese asset management firm VinaCapital Investment to build the LNG power plant in the Southeastern Asian nation to meet its growing power demand.