Zarubezhneft to proceed with the development & construction of a 1000 MW wind park in Vietnam

Hanoi, June 28 - Neftegaz.RU. Investors of the Vinh Phong Offshore Wind project, represented by DEME Concessions Wind and Zarubezhneft, and their subsidiaries DEME Offshore and Vietsovpetro have signed a joint Memorandum of Understanding following recent establishment of a consortium for the project development.

This MoU was signed in the framework of the consortium’s strategic plan to implement an energy project which could become the 1^st offshore wind power plant in Vietnam.
The partners of the consortium are eager to commission the 1^st phase with 600 MW capacity by 2026 and the 2^nd phase with 400 MW capacity in 2030.

Vinh Phong will need to raise 72,900 billion VND of investments and it will be capable of providing a total of 10,000 billion VND of tax contributions.
During the project implementation it is planned to create 2500 qualified jobs.

The Memorandum contemplates that Zarubezhneft and DEME Concessions Wind will become the main investors of the future project, and Vietsovpetro and DEME Offshore, having necessary technological knowledge and construction experience, will become exclusive contractors.

A power development plan published by Vietnam’s Ministry of Industry and Trade foresees a doubling of wind energy production by 2030 and a tripling of renewable energy production between 2030 and 2045.

According to the World Bank’s assessment, Vietnam is the country with the largest wind power development potential among Laos, Thailand, Cambodia and Vietnam, with more than 39% of Vietnam’s total area estimated to have an average annual wind speed per year greater than 6m/s at an altitude of 65m, equivalent to a capacity of 512 GW.