VinEnergo expands footprint in central Vietnam with two wind power projects worth $99 mln

VinEnergo Energy JSC, an arm of Vingroup (HoSE: VIC), has secured approval to develop two wind power projects in Vietnam’s central province of Gia Lai, further expanding its renewable energy portfolio.

Under decisions issued by the Gia Lai People's Committee, VinEnergo will develop the Thang Hung Wind Power Plant and the Thang Hung Wind Power Plant - Phase 2, with a combined installed capacity of 80 MW and total investment exceeding VND2.6 trillion ($98.75 million).

The Thang Hung project, located in Bau Can and Chu Prong communes, will cover 27.3 hectares and have a designed capacity of 42 MW. Total investment is estimated at nearly VND1.39 trillion ($52.6 million).

The second project, located in Bau Can commune, will occupy approximately 24.7 hectares and have a capacity of 38 MW, with investment of more than VND1.23 trillion ($46.71 million).

VinEnergo will finance 20% of the projects through equity, with the remainder sourced from other channels. Both projects are licensed for a 50-year operating period, with construction expected to begin in December 2026 and commercial operations scheduled to commence in March 2028.

The approvals strengthen Gia Lai’s position within VinEnergo’s renewable energy expansion strategy. The company, founded by Vietnamese billionaire Pham Nhat Vuong, has identified energy as a core growth sector alongside its broader industrial and technology ambitions.

Earlier, VinEnergo signed an MoU with Gia Lai authorities to invest in renewable energy projects in the province, with planned capital expenditure estimated at up to VND210 trillion ($7.98 billion).

Le Khac Hiep, vice chairman of Vingroup, said energy has become one of the conglomerate’s top strategic priorities in its next phase of development. He added that through VinEnergo, the group has been expanding its portfolio of large-scale energy projects across Vietnam, with Gia Lai among its key investment destinations.

“Investment in Gia Lai represents an important step for Vingroup in the energy sector and will serve as a foundation for VinEnergo to become a key partner in the group’s long-term energy strategy,” Hiep said.

Vingroup aims to work with Gia Lai authorities to study and develop large-scale power generation projects in the province, particularly wind power, where potential capacity could reach 5 GW. The group is also evaluating investments in solar power, energy storage systems and emerging energy technologies to support Vietnam’s transition toward cleaner electricity generation.

Beyond the two Thang Hung projects, VinEnergo is developing the Hon Trau Wind Power Plant - Phase 1, with investment exceeding VND48.3 trillion ($1.84 billion), and the Vinh Thuan Wind Power Plant (around VND4.7 trillion) in Gia Lai province.

Nationwide, the company is investing in a series of large renewable energy projects, including the Ky Anh Wind Power Plant in Ha Tinh province with planned capacity of 400 MW, the 498 MW Eco Wind Ky Anh project in Ha Tinh, the 300 MW Dien Bien 1 Solar Power Plant in Dien Bien province, and two floating solar projects at Ban Chat reservoir in Lai Chau province (Ban Chat 1 with 250 MW and Ban Chat 2 with 300 MW).

As part of its international expansion strategy, VinEnergo has announced plans to develop 100 GW of renewable energy capacity over the next three years across key overseas markets, including North America, Northern Europe, the Mediterranean region and Southeast Asia, while also exploring other potential markets, including Central Asia and Africa. The company said it has reached agreements for its first international project portfolio in Denmark, Sweden and the Philippines, totaling 10 GW.

The company recently completed a capital increase that raised its charter capital from VND28.3 trillion to over VND79.92 trillion ($3.04 billion), surpassing that of parent conglomerate Vingroup.

Since its establishment just over a year ago, VinEnergo’s charter capital has increased nearly 40-fold from VND2 trillion to over VND79.92 trillion. Of the total capital contribution, 44.6% was provided in cash, with the remainder consisting of other assets.

Gia Lai attracts wave of renewable energy investments

VinEnergo is not the only company expanding its presence in Gia Lai, as the province has seen a surge in renewable energy investment following a series of approvals for wind, solar and hydropower projects by local authorities.

Among newly approved wind power projects, the largest by investment value is the Chu Puh 1.1 Wind Power Plant, developed by Chu Puh Vuong Phat Green Energy JSC. The project carries investment of over VND1.85 trillion ($70.34 million) and an installed capacity of 45 MW. It is set to be developed in Chu Puh and Ia Le communes.

Other approved wind projects include TNE 1, TNE 2 and TNE 3, each with capacities of 45 MW and investment ranging from VND1.83 trillion to VND1.84 trillion ($69.88 million), as well as the Chu Puh 1.2 Wind Power Plant with investment of VND1.81 trillion (also 45 MW).

In the solar sector, the Ia Blu A Solar Power Plant, developed by Trang Duc Agriculture and Forestry JSC, will have a capacity of 40 MW and investment exceeding VND704 billion ($26.74 million).

Hydropower developments include the Ia Grai Thuong Hydropower Plant, developed by Ia Grai Thuong Hydropower JSC, valued at more than VND343 billion, and the expansion of the Ry Ninh II Hydropower Plant, with investment of nearly VND195 billion ($7.41 million) from Can Don Hydropower JSC.

Most of the projects are expected to break ground between late 2026 and early 2027, with operations scheduled to begin in 2028.