Corio Generation, a Macquarie Group company, has signed a memorandum of understanding (MoU) with a leading supplier of electricity to the Vietnamese power market EVNGENCO3, setting the intention to advance offshore wind industry in the Southeast Asian country.
Under the MoU, both parties agree to collaborate in preparing long-term strategies for offshore wind project development.
EVNGENCO3 is a subsidiary of Vietnam Electricity (EVN), the largest state-owned power company.
The partnership underscores Corio’s commitment to supporting Vietnam’s net zero emissions goal, which includes a 6 GW target of offshore wind supply to the domestic market by 2030 and between 70-91.5 GW by 2050.
Corio has been developing a fixed-bottom project of up to 3 GW in Binh Thuan since 2019, prior to Corio’s launch as a new brand in offshore wind in April 2022.
If fully realized, it would help provide clean, affordable electricity to the region and support Vietnam’s target of achieving net zero carbon emissions by 2050.
“EVNGENCO3 plays a significant role in supplying electricity to the national power system. This MoU showcases our long-term commitment to Vietnam’s green energy transition. We look forward to working with EVNGENCO3 and continuing to engage with our stakeholders and further developing our portfolio in the country,” said Yi-Hua Lu, Head of APAC Region for Corio Generation.
“The MoU demonstrates EVNGENCO3’s strong commitment to investing in and developing offshore wind projects, in line with Vietnam’s green energy transition. We believe that this cooperation will greatly contribute to the development of Vietnam’s power system and our ability and experience in O&M service for the entire lifetime of offshore wind projects,” added Vo Minh Thang, Vice President of EVNGENCO3.
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