CIP inks 3.5 GW offshore wind agreement in Vietnam

In: Windfarms

Copenhagen Infrastructure Partners (CIP), on behalf of its fund CI New Markets Fund I, along with Asiapetro and Novasia, have signed a Memorandum of Understanding (MOU) with Binh Thuan People’s Committee to develop the 3.5 GW La Gan offshore wind project off the coast of Binh Thuan.

With a potential capacity of 3.5 GW, the La Gan offshore wind project will be one of the first large scale offshore wind projects in Vietnam. With an estimated capital expenditure (CAPEX) of up to USD 10 billion, the project is expected to create income and jobs for both Binh Thuan and Vietnam. A cooperation between CIP, Asiapetro, Novasia and Binh Thuan province in this project could also serve as a precedent for attracting other foreign investors in offshore wind projects in Vietnam.

As the MOU is being signed, the project partners are already fully engaged in project development in close collaboration with the Binh Thuan region and national government authorities, preparing a final investment decision after including the project in the Power Development Plan of Vietnam.

"The signing of the MOU on development of the La Gan offshore wind project between CIP, Asiapetro, Novasia and Binh Thuan province today is an important milestone and it would not be possible without the strong and valuable support and cooperation from the local authorities and partners. CIP is a pioneer in the offshore wind industry across Asia Pacific with projects in Vietnam, Taiwan, Korea, Japan and Australia. CIP has some of the most experienced offshore wind professionals and expertise in the industry and extensive know-how in supply chain development. With this project, we commit to cooperate with our local partners to make this project a showcase for successful technology-transfer and utilization of local competences"
said CIP Partner Michael Hannibal.

The ever-increasing electricity consumption, averaging 10% a year during the past decade and dependence on imported fossil fuels, has made Vietnam search for additional clean sources of power generation in its upcoming 10-year power development plan (PDP8). With over 3,000 km of coastline and some of the best offshore wind conditions in South East Asia, Vietnam is at the forefront of most coveted prospective offshore wind markets.

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