Vingroup arm VinEnergo targets 100 GW renewable portfolio in 3-year global expansion

VinEnergo, an energy arm of Vietnam's conglomerate Vingroup (HoSE: VIC), has set a goal to develop 100 gigawatts (GW) of renewable energy capacity over the next three years, including 50 GW in key international markets such as North America, Northern Europe, the Mediterranean, and Southeast Asia.

These regions are characterized by rapidly growing electricity demand, strong renewable energy policies, and significant development potential for international investors, the firm said in its plan. VinEnergo is also mulling expansion into emerging markets in Central Asia and Africa, where power shortages and decarbonization pressures are intensifying.

As part of its international push, VinEnergo has secured cooperation agreements with global financial institutions to access green credit financing. The company has also entered partnerships with overseas developers to build an initial 10 GW project pipeline, with VinEnergo retaining control over project design, construction management, commercial structuring, and long-term operations.

In Northern Europe, VinEnergo is partnering with GreenGo Energy to develop two GW of renewable energy projects in Denmark and Sweden. The longer-term target is to expand capacity in Northern Europe and across Europe to 6.2 GW.

In the Philippines, VinEnergo plans to develop a combined 3.8 GW portfolio through partnerships with NKS Renewables Inc (1.3 GW), URG Asia Corporation (1.2 GW), and 11.11 Growth Properties (1.3 GW). The projects will focus on large-scale solar power plants in Luzon, Visayas, and Mindanao.

Across these ventures, VinEnergo holds more than 80% ownership and acts as the primary investor, responsible for financing, construction, and long-term operations. Several projects commenced in early 2026 and are expected to begin operations in 2027-2028.

With in-house manufacturing capacity and integration of battery energy storage systems (BESS), VinEnergo aims to standardize project design, secure equipment supply chains, and synchronize technical solutions across its portfolio.

This approach is intended to enhance operational stability, reduce schedule risks, and improve economic performance, particularly in markets with high renewable penetration and increasingly strict grid-balancing requirements.

The company plans to raise its international renewable portfolio to 20 GW by the end of the first quarter of 2026, following additional agreements totaling at least eight GW in Southeast Asia and Africa.

Nguyen Anh Khoa, VinEnergo’s CEO, said 2026 marks a new development phase as the company aspires to become a globally competitive renewable energy enterprise.

“Simultaneously deploying large portfolios across multiple markets demonstrates our governance capacity and ability to manage complex projects,” Khoa said. “VinEnergo aims to contribute meaningfully to the global energy transition while elevating the role of Vietnamese enterprises on the global green energy map.”

In 2025, VinEnergo broke ground on the Hai Phong LNG thermal power plant with total investment of VND178 trillion ($6.74 billion) and designed capacity of 4,800 MW, placing it among the largest LNG-to-power projects in Vietnam.

The company has also been designated as investor for two offshore wind projects in the central province of Ha Tinh with combined capacity of around 900 MW and total investment of VND39 trillion ($1.49 billion).

Most recently, VinEnergo invested in Phase 1 of the Hon Trau wind power project in the central province of Gia Lai with a capacity of 750 MW, one of the largest renewable projects in the locality. It was approved as the qualified investor for the 143 MW Vinh Thuan wind power project.

Through both domestic and international expansion, VinEnergo is positioning itself as an emerging large-scale renewable energy developer with integrated capabilities spanning generation, storage and long-term asset management.