US$10 billion offshore wind power project to be developed central Vietnam

The Copenhagen Infrastructure Partners and its partners Asiapetro and Novasia on July 22 signed a Memorandum of Understanding (MOU) with the Binh Thuan provincial government to develop the 3.5GW La Gan offshore wind project worth US$10 billion off the coast of Binh Thuan province. 

The signing takes place during the Vietnam Energy Summit 2020. Photo: Embassy of Denmark in Vietnam

The signing, which took place during the Vietnam Energy Summit 2020, was witnessed by the Head of the Party Central Committee’s Economic Commission Nguyen Van Binh, Deputy Prime Minister Trinh Dinh Dung, Minister for Industry and Trade Tran Tuan Anh and many high-ranking officials.

As the world’s leading investors and project developer in the field of offshore wind power, the Copenhagen Infrastructure Partners (CIP) has mobilized more than US$10 billion from investment funds worldwide for renewable energy projects. 

With such the huge capacity, the La Gan project is one of the first large-scale offshore wind power projects in Vietnam. It is expected to enhance the country’s regional and international position in the area of renewable energy development, according to the embassy of Denmark in Vietnam.

Danish Ambassador to Vietnam Kim Højlund Christensen said that studies between the Danish Energy Agency and the Vietnam Electricity and Renewable Energy Authority show that Vietnam has about 160GW of offshore wind power capacity to exploit. Vietnam would learn from other countries’ experience to fully tap into the benefits brought about by offshore wind power.

Also at the event, TPBank and Bamboo Capital JSC signed a MOU on collaboration in funding arrangement of VND11 trillion (US$473.5 million) for renewable energy projects including wind power, solar power and solar rooftop.

A series of MOUs were signed among local partners and authorities including the one on cooperation in research and investment on LNG power plant in Ca Na between Trung Nam Group and Ninh Thuan province; another one on LNG power plant of Chan May – Lang Co Economic Zone between Chan May LNG JSC and the People’s Committee of Thua Thien Hue province; and an MOU on wind power development between local EPCIC partners Vietsovpetrol/PVC-MS and investor Enterprise Energy.