Belgian and Russian investors keen on Vietnamese offshore wind power projects

23:48 31/07/2021

The consortium, Russian oil & gas consortium Zarubezhneft and Belgian DEME Concessions Wind have been granted permission from the southern province of Binh Thuan to implement the US$3.1 billion Vinh Phong offshore wind farm project within the locality.

Belgian and Russian investors keen on Vietnamese offshore wind power projects

The 1,000 MW project is set to be divided into two phases, with the consortium planning to commission the project’s first phase of building the site up to 600 MW capacity by 2026, with the second phase to add a further 400 MW capacity by 2030.

When fully operational, the project is anticipated to provide billions of kWh of electricity each year, thereby contributing approximately VND10,000 billion to the state budget and creating 2,500 jobs for people in the locality.

This comes after the consortium and its member companies, including DEME Offshore Company and Vietsovpetro, signed a Memorandum of Understanding in April, outlining their aims to develop the project.

Recently, offshore wind farm projects in the nation have become increasingly attractive to investors, with many showing a keen interest in large projects, with capital reaching up to several billions of US$.

Prominent among the projects is the 3.4 GW Thang Long Offshore Wind Power Project which has a total investment of US$11.9 billion. This is along with the 3.5 GW La Gan offshore wind power project which is a joint venture among Denmark-based Copenhagen Infrastructure Partners (CIP), Asiapetro, and Novasia Energy with capital hitting roughly US$10.5 billion.

Statistics compiled by the Ministry of Industry and Trade revealed that 157 offshore wind power projects with a capacity of over 61,000 MW have been proposed to be surveyed and added to the national plan.