Corio Generation, a newly-established offshore wind branch of Australian corporation Macquarie's Green Investment Group, is looking for more opportunities in Vietnam with a proposed $2-3 billion offshore wind power project in Hai Phong city.
David Gottlieb, counselor for economic and development cooperation at the Australian Embassy in Hanoi, and Corio Generation executives met with Hai Phong authorities Friday, proposing a 1,000-megawatt offshore wind farm in the northern city.
The project would be able to operate in 30 years, meeting half of the city’s total energy needs, according to Corio.
Hai Phong Vice Chairman Nguyen Duc Tho said the city welcomes all development investors to fuel its growth. "Wind power is still quite new. Therefore, Hai Phong will thoroughly evaluate competence, prestige and economic efficiency to choose the most suitable investors," Tho said, adding he hoped Corio would be selected for offshore wind power development.
One day before knocking on Hai Phong’s door, Corio 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 in the south.
If approved, the planned wind farm, located 23-35 kilometers from the 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 towards a net-zero goal by 2050.
"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," Corio Generation CEO Jonathan Cole said while commenting on the partnership.
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 an analysis by Green Investment Group.
Corio has one of the world’s largest offshore wind development portfolios, at over 20 GW. The firm 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.