An image of wind power generation system in Viet Nam. Phu Cuong Group, a business on seafood processing and export, expects to build a wind power farm in Soc Trang Province in 2016. — Photo Duy Khuong

HA NOI (Biz Hub) — The Phu Cuong Group plans to invest US$436 million in a 170MW wind farm in the southern province of Soc Trang.

This was announced at a seminar on wind energy in HCM City on December 9.

The $75-million first phase of the farm, located in a coastal alluvial area in Vinh Chau Commune, will have 15 30MW turbines. The work is scheduled to begin in early 2016, and the farm will generate power by 2017.

With the Electricity of Viet Nam paying 9.8 US cents per kWh, the Phu Cuong Group expects to recoup its investment capital after ten years.

The group's Deputy General Director Pham Quoc Anh said that the group studied the area and found that it's possible to develop an 800MW wind power project there.

At the seminar, leading wind energy company Vestas Wind Systems from Denmark signed an agreement with the Phu Cuong Group to supply equipment for the group's wind power project.

The Phu Cuong Group was set up in 1990. Its businesses include aquaculture, seafood processing and exports. — VNS