Orsted, the world’s most sustainable energy company, announced this Thursday it has signed a Memorandum of Understanding (MoU) with leading Vietnamese cross-industry company T&T to develop offshore wind energy projects in Vietnam.
The MoU will establish a strategic collaboration between the parties to launch renewable energy; specifically wind energy solutions in Vietnam, as it has an increasing demand for power.
According to the company’s statement, the signing of the MoU follows the Vietnamese high-level visit to Brussels, led by the President of Vietnam’s National Assembly, His Excellency Vuong Dinh Hue.
The collaboration will develop a multi-gigawatts pipeline of greenfield offshore wind projects; all of which would be located off the coasts of the Binh Thuan and Ninh Thuan provinces; vietnam’s most suitable areas for offshore wind development.
Both partners’ will leverage their respective knowledge and capabilities to mature the pipeline; and to develop it within an effective regulatory framework. The intent would be to push the nascent offshore wind industry in Vietnam.
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Orsted with a vision of a green energy world
Vietnam is one of the world’s most suitable places for wind energy; it has more than 3,200 km of coastline and high consistent wind speeds. Indeed, the region is a top choice in all the Asian continent. In fact, the World Bank Group estimates Vietnam’s offshore wind potential to be up to 500 GW.
In addition to its world-class potential, the country also has a rapidly growing demand. This means that there’s an urgent need for new large-scale reliable power sources in the coming decades.
All of these factors, in combination with the country’s strong supply chain, convinced Orsted and T&T to agree on the development of wind technology. Do Quang Hien, T&T Group President and General Director said about the project. “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.”
Finally, Martin Neubert, Chief Commercial Officer and Deputy-CEO at Ørsted, said. “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.”