Leading energy company wants to do offshore wind power in Vietnam

Australia's Corio Generation Company - a leading enterprise in the field of offshore wind power, proposed a pilot project in Vietnam.

Meeting with Prime Minister Pham Minh Chinh on the afternoon of March 8, Mr. Yi-Hua Lu, Asia- Pacific Regional Director of Corio Generation Company (Macquarie Group) said that this enterprise plans to expand investment in Vietnam in the field of renewable energy.

Accordingly, Corio Generation wants to participate in developing a pilot offshore wind power project in Vietnam. However, Mr. Yi-Hua Lu also pointed out some difficulties in developing the project, and proposed solutions to overcome them.

Corio Generation is a company operating in the field of offshore wind power and renewable energy. The company is managing the world's largest offshore wind power portfolio, with a capacity of over 30 GW in the UK, Norway, and Sweden.

Prime Minister Pham Minh Chinh highly appreciated the investment and business activities of Macquarie Group and Corio Generation Company in Vietnam in recent times. He asked Corio to develop a pilot offshore wind power project, bringing benefits to both sides.

"The important thing is that the cost of wind power must be appropriate and beneficial for all parties," said the Prime Minister, and assigned Deputy Prime Minister Tran Hong Ha to direct the resolution. If it is beyond his authority, he will report to the Prime Minister.

Prime Minister Pham Minh Chinh received Mr. Yi-Hua Lu, Director of Asia-Pacific region of Corio Company, Macquarie Group. Photo: Nhat Bac

The Government leader said that Vietnam wants to develop the wind power industry, and create conditions for investors to operate and do business in Vietnam on the basis of "win-win, harmonious benefits, and shared risks".

He suggested that in addition to investment, the group would support and transfer technology to Vietnamese partners.

According to the National Power Development Plan (Power Plan VIII) by 2030, gas-fired thermal power must be newly invested in over 30,420 MW, of which 75% is LNG power (22,824 MW). Offshore wind power will reach about 6,000 MW by 2030, and can increase further if technology develops rapidly, electricity prices and transmission costs are reasonable.

Corio Generation has been involved in the research and development of several renewable energy projects in Vietnam since 2019. The company also cooperates with several partners to mobilize resources for energy conversion projects in Vietnam.

Previously, at the Vietnam - Australia business forum on March 5, Corio Generation Company signed a memorandum of understanding with Power Generation Corporation 3 (under EVN) on cooperation in developing offshore wind power projects in Vietnam.

Prime Minister Pham Minh Chinh and his wife are on an official visit to Australia from March 7 to 9.

Hoang Thuy

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