Danish fund to continue investments in Vietnam offshore wind projects

Denmark’s Copenhagen Infrastructure Partners (CIP) will continue to back offshore wind power development in Vietnam, including a mega project in the south-central province of Binh Thuan.

This was stated by Stuart Livesey, senior director of the fund and head of CIP Vietnam at a Monday meeting with Binh Thuan authorities. The meeting focused on progress in deploying the $10.5 billion 3.5GW La Gan project in the province.

Livesey noted that CIP has signed four sea survey contracts and memoranda of understanding (MoU) with power suppliers in Vietnam, including one on transformer stations for the La Gan project and another for use of the province’s Vinh Tan port during project deployment.

Binh Thuan Vice Chairman Nguyen Hong Hai said at the meeting that the recently-approved national power development plan VIII (PDP VIII) has set Binh Thuan as a renewable energy hub of Vietnam and will facilitate development of offshore wind power in the province. The PDP VIII targets generation of 6,000 MW in offshore wind power by 2030 and 70,000-91,500 MW by 2050.

The meeting between Binh Thuan authorities and CIP took place a few weeks after Orsted, a Danish wind power giant, announced that it has "paused market development activities in Vietnam.”

Mejnert Kristensen, Orsted’s senior vice president and Asia-Pacific president, disclosed the information while reviewing the company’s Asia-Pacific strategy. He noted, however, that Vietnam was still "an important supplier market".