Copenhagen Infrastructure Partners (CIP) and Asiapetro and Novasia Energy signed a Memorandum of Understanding (MoU) with Binh Thuan People’s Committee to develop the 3.5GW La Gan offshore wind project. — Photo courtesy of Danish Embassy to Viet Nam
Copenhagen Infrastructure Partners (CIP), on behalf of its fund CI New Markets Fund I, together with Asiapetro and Novasia Energy, have signed a memorandum of understanding (MoU) with Binh Thuan People’s Committee to develop the 3.5GW La Gan offshore wind project off the coast of the province.
The signing took place in Ha Noi on Wednesday during the Viet Nam Energy Summit 2020 High-level Forum with the witness of many Vietnamese high-ranking national and sector leaders and the industry consortium.
With a potential capacity of 3.5GW, the La Gan offshore wind project is set to be one of the first large scale offshore wind projects in Viet Nam, which could raise Viet Nam’s profile in renewable energy within the region and in the world.
“Findings from the co-operation between the Danish Energy Agency and the Vietnamese Electricity and Renewable Energy Authority emphasise that Viet Nam has a technical potential of 160GW offshore wind, which puts Viet Nam at the forefront of most coveted prospective offshore wind markets," said Ambassador of Denmark in Viet Nam, Kim Højlund Christensen.
"Viet Nam will need to learn from global experiences to reap the benefits of offshore wind. We wish to continue sharing Danish knowledge, know-how and our cutting-edge technologies with Viet Nam to support the country in realising a green transition in a cost-effective way.”
With an estimated capital expenditure of up to $10 billion, the La Gan offshore wind project will provide Viet Nam access to the most advanced and modern wind-power technology and support the country's transition to a power system with a high ratio of renewable energy integration and low carbon emission.
“The signing is an important milestone and it would not be possible without the strong and valuable support and co-operation from the local authorities and partners," said CIP Partner Michael Hannibal.
"CIP is a pioneer in the offshore wind industry across Asia-Pacific with projects in Viet Nam, Taiwan, South Korea, Japan and Australia.
"With this project, we commit to co-operate with our local partners to make this project a showcase for successful technology-transfer and utilisation of local competences.”
The project is expected to create significant income and jobs. A successful project could also serve as a precedent for attracting other foreign investors in offshore wind projects in Viet Nam.
The project partners are already engaged in the project development in close collaboration with Binh Thuan and national authorities preparing a final investment decision after the inclusion of the project into the Power Development Plan of Viet Nam. — VNS