CIP Signs Offshore MOU with Binh Thuan Province

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Copenhagen Infrastructure Partners (CIP), on behalf of its CI New Markets Fund I, together with Asiapetro and Novasia, has signed a memorandum of understanding (MOU) with Binh Thuan People’s Committee to develop the 3.5 GW La Gan offshore wind project off the coast of Binh Thuan. 

The signing took place during the 2020 Vietnam Energy Summit. With a potential capacity of 3.5 GW, the development is one of the first large-scale offshore wind projects in Vietnam, which could raise Vietnam’s profile in renewable energy within the region and in the world.

“The signing of the MOU on development of the La Gan offshore wind project between CIP, Asiapetro, Novasia and Binh Thuan province is an important milestone, and it would not be possible without the strong and valuable support and cooperation from the local authorities and partners,” says Michael Hannibal, CIP partner.

With an estimated capital expenditure of up to $10 billion, the project is expected to create significant income and jobs for both Binh Thuan and Vietnam. A successful cooperation between CIP, Asiapetro, Novasia and Binh Thuan province in this project could also serve as a precedent for attracting other foreign investors in offshore wind projects in Vietnam.

The project partners say they are already fully engaged in project development in close collaboration with the Binh Thuan region and national government authorities, preparing a final investment decision after inclusion of the project into the Power Development Plan of Vietnam.

Photo: Vietnamese fishermen

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