Corio, Fecon partner on Vung Tau offshore wind farm

By Tuong Thuy
Thu, June 23, 2022 | 9:53 am GMT+7

Green Investment Group portfolio company Corio Generation has signed a joint development agreement with Fecon, a leading Vietnamese construction and infrastructure corporation, for a proposed 500 megawatt offshore wind farm in Ba Ria-Vung Tau province.

If approved, the planned wind farm, located 23-35 kilometers from the southern coast, could be among the first large-scale offshore wind projects to be built in Vietnam, which is seeking to reduce carbon emissions in its energy transition toward a net-zero goal by 2050.

Once constructed, the fixed-bottom project could produce around 1,250 gigawatt-hours of clean electricity and avoid more than 600,000 tons of carbon emissions a year, according to Green Investment Group.

Executives of Corio Generation and Fecon celebrate the signing of their partnership in Hanoi on June 22, 2022. Photo courtesy of Fecon.

Executives of Corio Generation and Fecon celebrate the signing of their partnership in Hanoi on June 22, 2022. Photo courtesy of Fecon.

The new partnership, signed in Hanoi on Wednesday, shows Corio’s commitment toward renewable energy development in Vietnam, one of the fastest growing renewables markets in the world.

“With its vast wind resources, Vietnam can be a Southeast Asian powerhouse in offshore wind, providing clean, affordable electricity, as well as supporting jobs and economic opportunities for local communities,” said Corio Generation CEO Jonathan Cole.

“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 toward 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 in wind and solar energy,” he added.

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.”

Corio is a global offshore wind business and a portfolio company of Macquarie’s Green Investment Group, operating on a standalone basis. The business has one of the world’s largest offshore wind development portfolios, at over 20 gigawatts.

Corio’s team has considerable experience in developing offshore wind, with projects in development in Europe, the Americas and Asia-Pacific, including Taiwan, South Korea, Japan and Australia.

Fecon, established in 2004, specializes in the field of foundation engineering and underground construction, and is a major investor in renewable energy, urban areas and eco-industrial parks.

Comments (0)
  • Read More
Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup

Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup

Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.

Finance - Mon, November 4, 2024 | 9:31 am GMT+7

Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept

Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept

Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.

Companies - Mon, November 4, 2024 | 8:00 am GMT+7

Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province

Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province

Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.

Politics - Sun, November 3, 2024 | 7:45 pm GMT+7

Thailand seeks FTA negotiations with Eurasian Economic Union

Thailand seeks FTA negotiations with Eurasian Economic Union

Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).

Southeast Asia - Sun, November 3, 2024 | 7:20 pm GMT+7

Indonesia attracts foreign investment in technology sector

Indonesia attracts foreign investment in technology sector

As many as 19 Australian companies have expressed an interest in investing in Indonesia's technology sector, Communication and Digital Affairs Minister Meutya Hafid said on Thursday.

Southeast Asia - Sun, November 3, 2024 | 7:18 pm GMT+7

Robots work hard, don’t argue: Viettel exec counsels effective use of technology

Robots work hard, don’t argue: Viettel exec counsels effective use of technology

Small businesses in logistics should look to use existing tools, software and technology solutions effectively, says Dinh Thanh Son, deputy CEO of Viettel Post.

Companies - Sun, November 3, 2024 | 4:30 pm GMT+7

Vietnamese multi-sector group Masan uses AI to forecast product sales: executive

Vietnamese multi-sector group Masan uses AI to forecast product sales: executive

AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.

Companies - Sun, November 3, 2024 | 2:51 pm GMT+7

Vietnam needs large, specialized logistics centers to compete better: official

Vietnam needs large, specialized logistics centers to compete better: official

Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.

Economy - Sun, November 3, 2024 | 11:00 am GMT+7

Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.

Economy - Sun, November 3, 2024 | 9:00 am GMT+7

Construction majors to continue capitalizing on public investment projects

Construction majors to continue capitalizing on public investment projects

Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.

Companies - Sun, November 3, 2024 | 8:00 am GMT+7

Former Government Office chairman receives $7,900 bribe from property project

Former Government Office chairman receives $7,900 bribe from property project

Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.

Society - Sat, November 2, 2024 | 9:13 pm GMT+7

Thai food giant CP enters public-private partnership to promote food system transformation

Thai food giant CP enters public-private partnership to promote food system transformation

Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.

Companies - Sat, November 2, 2024 | 7:16 pm GMT+7

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.

Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.

Economy - Sat, November 2, 2024 | 2:00 pm GMT+7

Major Vietnamese developer Novaland appoints new CEO

Major Vietnamese developer Novaland appoints new CEO

Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.

Companies - Sat, November 2, 2024 | 10:24 am GMT+7

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.

Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7