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.
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.