Corio Generation, an offshore wind portfolio company of Macquarie’s Green Investment Group (GIG), has signed a Memorandum of Understanding (MoU) with a Vietnamese electricity supplier as part of a strategy to bring offshore wind energy to the country.
Corio signed the deal with the Power Generation Joint Stock Corporation 3 (EVNGENCO3), a subsidiary of Vietnam Electricity – the largest state-owned power company. This partnership includes a target of 6GW of offshore wind supply to the domestic market by 2030 and between 70-91.5GW by 2050.
Corio has considerable experience in developing offshore wind, with projects in development in Europe, the Americas, and Asia-Pacific, including Taiwan, South Korea, the Philippines, and Australia.
The team has already been developing a fixed-bottom wind project in Vietnam. The 3GW Binh Thuan farm has been under development since 2019, before Corio’s launch as a new brand in offshore wind in April 2022.
If fully realised, it would help provide clean, affordable electricity to the region and support Vietnam’s target of achieving net zero carbon emissions by 2050.
“This MoU showcases our long-term commitment to Vietnam’s green energy transition. We look forward to working with Vietnam Electricity and continuing to engage with our stakeholders and further developing our portfolio in the country,” said Yi-Hua Lu, head of the APAC region for Corio Generation.
“In Vietnam, offshore wind is determined as an inevitable path towards supporting the country’s energy transition and sustainable development,” added Vo Minh Thang, VP of EVNGENCO3.
