The projected 500MW Vung Tau offshore wind farm will be built by Vietnamese contractor Fecon, according to Corio Generation.
On June 22 at a ceremony in Hanoi, the two parties inked a joint development agreement.
According to Corio, a stand-alone portfolio firm of Macquarie’s Green Investment Group, the agreement “demonstrates Corio’s commitment towards renewable energy development in Vietnam.”
Once permits and clearances are granted, Vung Tao might be one of the country’s first sizable offshore wind projects.
An research by Green Investment Group found that the fixed-bottom project, once built, could generate about 1250 gigawatt hours of power and prevent more than 600,000 tonnes of carbon emissions annually.
Jonathan Cole, Corio Generation chief executive, said: “With its vast wind resources, Vietnam can be a South-east Asian powerhouse in offshore wind, providing clean, affordable electricity, as well as supporting jobs and economic opportunities for local communities.
“The team in Hanoi has been examining opportunities across the country for many years. We are looking at a number of potential projects and partnerships, demonstrating Corio’s commitment towards offshore wind in Vietnam.
“Our strategy is to work and collaborate with the most reputable and capable local companies. We are therefore excited to be signing this joint development agreement for the Vung Tau project with Fecon, a leading infrastructure and energy group with a strong track record including in wind and solar energy.”
Fecon chairman Pham Viet Khoa said: “We believe this project will be delivered to a high standard, meeting Vietnam’s urgent power needs for developing the economy.”
“We look forward to Corio contributing to accelerate the development of the country’s offshore wind sector.”
“In Vietnam, Corio has a team of experienced local staff who understand the investment landscape of the renewable energy sector.”