Finnish firm Wartsila eyes first flexible power project in Vietnam

Finland’s Wartsila Corporation is working with its Vietnamese partner to consider implementating the first flexible power project in Vietnam, using liquefied natural gas (LNG) and then hydrogen, and supporting the integration of renewable energy into the power system, said its president and CEO Hakan Agnevall.

At a meeting with Vietnamese Deputy Prime Minister Tran Hong Ha in Hanoi on Tuesday, Agnevall introduced flexible power technology that combines gas-fueled and renewable power sources to ensure stability while increasing the proportion of wind and solar power.

Deputy Prime Minister Ha spoke highly of the effective cooperation between Vietnam and Finland in sustainable development areas such as circular economy, environmental protection, and clean energy.

“Vietnam is now a partner of the European Union (EU) and G7 countries in realizing the net-zero commitment and the Just Energy Transition Partnership (JETP),” he said.

The Vietnamese official affirmed that in the process of implementing JETP and Net Zero, Vietnam needs support in technology, resources, and governance.

“Converting coal-fired power plants into gas-fueled facilities in combination with power sources from renewable energy is consistent with this process,” Ha stressed.

Regarding Wartsila's flexible power project, the Deputy Prime Minister asked the corporation to fully consider infrastructure investment expenditure, gas purchases, power generation from renewable energy, the transmission system, and production costs, making the project suitable for the Vietnamese market.

He also informed the guests about Vietnam’s policies to encourage and attract foreign investors in offshore wind power development, direct power purchases, renewable energy equipment manufacturing, and waste-to-energy projects.

Finnish Ambassador to Vietnam Keijo Novaron, for his part, said Vietnam and Finland have worked together to promote sustainable development by cooperating in the fields of clean water supply, environmental hygiene, innovation, and afforestation.

The two countries have exchanged technologies and knowledge in areas requiring state-of-the-art technologies they hold an interest in, he added.