EDF Renewables and investment management firm VinaCapital Group are seeking Vietnamese authorities' nod to make initial surveys on a 3-gigawatt wind power project offshore of Vung Tau.
“We are still in the very first step, seeking permission for such a study. We expect to have sufficient information to publicize in the next six or 12 months,” VinaCapital chief investment officer Andy Ho told The Investor on the sidelines of the VinaCapital 2022 Investor Conference in Ho Chi Minh City Thursday.
Part of Ba Ria-Vung Tau province, Vung Tau town is about 2.5 hours’ drive southeast of HCMC.
According to the provincial administration, a consortium of VinaCapital and EDF Renewables has proposed surveying four locations for the offshore wind power project, whose initially estimated investment could be up to about $13 billion. The four places are about 40 kilometers to 258 kilometers off the coast.
The project investors need to consult with relevant ministries and state agencies on issues related to national defense and energy security, the provincial administration said in a statement on September 6.
The Ministry of Natural Resources and Environment has recently proposed that the Prime Minister halts appraisal of offshore wind power projects until the government issues new regulations covering their implementation.
It argues that the pause is necessitated by legal and technical difficulties including a lack of rules on foreign institutions and individuals not being allowed to make wind measurements and geological and topographical surveys, as well as rules on management of such activities.
EDF Renewables and VinaCapital announced last December that they had launched a partnership focusing on making investment plans of more than $100 million in Vietnam’s solar power market in three years.
For liquefied natural gas, the southern province of Long An licensed in March 2021 a 3GW LNG-to-power plant co-developed by South Korea’s GS Energy and VinaCapital, with costs totaling $3 billion.