Ørsted and T&T Group form strategic collaboration

4C Offshore | Tom Russell
By: 09/09/2021 Ørsted

Ørsted and T&T Group announced the signing of a memorandum of understanding (MOU) to launch a strategic collaboration on offshore wind in Vietnam. The signing took place in connection with the Vietnamese high-level visit to Brussels, led by the President of Vietnam's National Assembly, His Excellency Vuong Dinh Hue.

The collaboration between Ørsted and T&T aims to bring together a multi-GW pipeline of offshore wind projects located off the coasts of the Binh Thuan and Ninh Thuan provinces. According to the two companies, they will apply their groups' joint capabilities to mature this offshore wind pipeline and work to support the development of an regulatory framework for offshore wind in Vietnam.

T&T Group is a private multi-sector economic group in Vietnam which employes around 80,000 people. Do Quang Hien, T&T Group President and General Director, said: "Ten years ago, we began researching and preparing for the development of renewable energy in order to be ready when the time was right. This has resulted in T&T completing several large solar PV projects and being on track to complete five big onshore wind projects by the end of this year. Energy is a strategic focus for the T&T Group, and with this collaboration with Ørsted, the global leader in offshore wind, we look forward to accelerating our plans and bringing valuable experience and international investment capital to the offshore wind sector in Vietnam."

Martin Neubert, Chief Commercial Officer and Deputy-CEO at Ørsted, commented: "As the global offshore wind leader, Ørsted targets 30 GW of offshore wind by 2030. To support this ambitious build-out, we need to work closely with partners such as T&T, who has an impressive track record of developing large energy projects in Vietnam, and who bring a deep understanding of the market. Our mission is to create a world that runs entirely on green energy, and to do this, we need strong support, so it's a great pleasure to see an industry leader like T&T join hands with us in creating a more sustainable future in Vietnam."

Matthias Bausenwein, President of Ørsted Asia Pacific, said: "This MOU is a major step for Ørsted in establishing a strong foothold in Vietnam and in showcasing our aspiration to be a reliable long-term partner in this country. Together with T&T, we're excited to use our multi-GW pipeline to build a vibrant local offshore wind industry and to make Vietnam one of the leading offshore wind markets in Asia Pacific. We believe that offshore wind is one of the best ways for Vietnam to meet its rapidly growing power demand as this is a utility-scale, reliable, and domestic power source which, if deployed at large scale and with the right framework, can be competitive with coal and gas-fired power stations."

Image: Mrs. Nguyen Thi Thanh Binh, Deputy General Director of T&T Group and Mr. Martin Neubert, COO & Deputy Group CEO of Ørsted, signed the Memorandum of Understanding