Danish energy fund CIP, Petrovietnam to cooperate in offshore wind power

Denmark’s Copenhagen Infrastructure Partners (CIP), via its Growth Market Funds, and state-owned Petrovietnam have signed a memorandum of understanding on renewable energy and offshore wind power.

In a Friday statement, CIP, a leading global offshore wind farm developer, said it and Petrovietnam will exchange knowledge and information on the energy transition from fossil-based to renewable energy production and consumption. The collaboration covers technology, supply chain, logistics, infrastructure, and skills, CIP added.

The two sides will explore opportunities to collaborate on developing specific offshore wind projects in Vietnam, CIP emphasized.

“CIP is a pioneer in offshore wind, and we look forward to sharing our knowledge, know-how and technological innovations to deliver Vietnam’s first offshore wind projects in a close collaboration of the parties and drive forward the green transition in the country,” said Robert Helms, a partner at CIP.

Under the National Power Development Plan VIII (PDP VIII) approved last May, Vietnam aims to generate at least 6,000 MW of offshore wind power by 2030, depending on technology developments, electricity prices, and transmission costs.

However, no project has been approved or assigned to an investor so far despite strong interest shown by several foreign firms.

CIP has been expressing its interests in offshore wind power projects in Vietnam. At a meeting with state utility Vietnam Electricity (EVN) in September 2022, CIP said it hoped to develop large-scale offshore wind power projects and transmission lines in partnership with EVN.

In June 2023, at a meeting with the authorities of Vietnam’s south-central province of Binh Thuan, CIP noted it would continue to back offshore wind power development in Vietnam, including the $10.5 billion 3.5GW La Gan project in the province.

In November 2023, at a meeting with Deputy Minister of Natural Resources and Environment Le Minh Ngan, CIP said it would cooperate with Vietnamese partners on large-scale (of 500 MW or more) offshore wind power projects.