For a proposed 500 MW offshore windfarm in Ba Ria, Vung Tau province, Corio Generation and FECON, a well-known Vietnamese construction and infrastructure business, have inked a cooperative development agreement.
The partnership demonstrates Corio’s commitment towards renewable energy development in Vietnam, said company representatives at a signing ceremony in the capital, Hanoi, on Wednesday 22 June 2022.
Corio is a global offshore wind business and a portfolio company of Macquarie’s Green Investment Group, operating on a standalone basis. The business has one of the world’s largest offshore wind development portfolios, at over 20 GW.
The proposed 500 MW Vung Tau offshore windfarm, located 23-35km from the coast, could be among the first large-scale offshore wind projects to be built in Vietnam, once licences and approvals are obtained.
Once constructed, the fixed-bottom project could produce around 1,250 GWh of clean electricity and avoid more than 600,000 tonnes of carbon emissions a year, according to an analysis by the Green Investment Group.
Jonathan Cole, CEO of Corio Generation said: “With its vast wind resources, Vietnam can be a South-east Asian powerhouse in offshore wind, providing clean, affordable electricity, as well as supporting jobs and economic opportunities for local communities.”
“The team in Hanoi has been examining opportunities across the country for many years. We are looking at a number of potential projects and partnerships, demonstrating Corio’s commitment towards offshore wind in Vietnam.”
“Our strategy is to work and collaborate with the most reputable and capable local companies. We are therefore excited to be signing this joint development agreement for the Vung Tau project with FECON, a leading infrastructure and energy group with a strong track record including in wind and solar energy.”
Corio’s team has considerable experience in developing offshore wind, with projects in development in Europe, the Americas and Asia-Pacific, including Taiwan, South Korea, Japan and Australia.
Pham Viet Khoa, Chairman of FECON said: “We are delighted to sign this joint development agreement to work with leading global developer Corio Generation on the Vung Tau offshore windfarm. We believe this project will be delivered to a high standard, meeting Vietnam’s urgent power needs for developing the economy.
“We look forward to Corio contributing to accelerate the development of the country’s offshore wind sector. In Vietnam, Corio has a team of experienced local staff who understand the investment landscape of the renewable energy sector.”