Germany’s PNE wants to process $4.6 bln offshore wind power project in Vietnam by itself

Germany’s Pure New Energy (PNE) wants to proceed with a $4.6 billion offshore wind power project in Vietnam’s central coastal province of Binh Dinh on its own.

At PNE’s quarterly performance review, CEO Per Hornung Pedersen said the Vietnamese side has “a strong interest” in pursuing the project, answering queries related to the project.

“We want to pursue the project, support the project, but we need that the project belongs to us,” the CEO continued, referring to the outcomes of his recent visit to Binh Dinh.

“The message was well-received,” he added.

PNE started studying the Hon Trau offshore wind power project in 2019. In November 2022, the company and Binh Dinh authorities signed a memorandum of understanding to deploy the project.

According to PNE, the project will be executed on Hon Trau island, 10 kilometers off the coast of De Gi estuary, 30 km from Phu Cat airport, and about 50 km from Quy Nhon town. It is designed to have a capacity of 2,000 MW and be implemented in three phases. Some 50 turbines are slated to be installed in each phase.

In January 2023, Binh Dinh proposed that the central government add the project to the draft Power Development Plan VIII (PDP VIII). The plan, adopted in May 2023, envisages generation of 6 GW of offshore wind power by 2030.

Vietnam’s legal framework for offshore wind power is currently underdeveloped, such as a lack of guidance for sea survey.

The Ministry of Industry and Trade is drafting a piloting mechanism for offshore wind power. As the sector is linked with national defense-security, the ministry plans to only let state-owned companies join the sector.

Binh Dinh province has suggested that the ministry should allow state-owned companies to collaborate with other businesses to proceed with projects.

The ministry also drafts an option of letting foreign companies join the sector, however, the ministry’s preference is to let state-owned companies do it.