T&T Group and Ørsted have signed a memorandum of understanding (MoU) on strategic cooperation in offshore wind power in Vietnam to bring a large supply of renewable energy through new investment on offshore wind power projects in Binh Thuan and Ninh Thuan provinces.
The groups will develop three projects in the Binh Thuan and Ninh Thuan provinces with a total estimated installed capacity of nearly 10 GW and total expected investment of about $30 billion over 20 years.
“T&T Group has planned a strategy to develop renewable energy and gas to power projects by 2030 with a vision to 2045, in line with the national strategy and planning of energy,” states Do Quang Hien, chairman of T&T Group. “This cooperation will help T&T Group accelerate the implementation of this strategy, bring valuable international experience and financial resources in the implementation of projects in Vietnam.”
“Ørsted aims to reach 30 GW of offshore wind power by 2030,” says Matthias Bausenwein, president of Ørsted Asia-Pacific. “To support this ambitious goal, we need to work closely with a partner like T&T Group, who bring a deep understanding of the market and have an impressive track record in developing large scale energy projects in Vietnam.”
T&T Group and Smart Universal Logistics N.V, a Belgian company in sustainable energy and environmental infrastructure development, have also signed a MoU on cooperation in developing desalination plants using wind power to produce fresh water for agriculture and aquaculture in Vietnam.
The T&T Group private economic group in Vietnam operates in seven core areas, including energy sector. In the next 10 years, the power supply capacity of T&T Group (LNG and renewable energy) is expected to reach about 10,000-11,000 MWp, accounting for about 8% of total installed capacity of power in Vietnam’s electricity system.