POTENTIAL AND INVESTMENT OPPORTUNITIES Updated at 10:05:43 08/24/2020  (Views:  167 )
A promise to bring billions of d

Binh Thuan possesses huge potentials thanks to multi-billion-dollar off-shore wind farms

BTO - Vietnam's offshore wind power potential is attracting international investors. Evidence shows that, there have been 2 wind power projects with tens of billions of USD in the waters of Binh Thuan province in a short time.

Firstly, the Thang Long Wind’s off-the-coast wind power project, invested by the UK's EE Group, located in the off-shore Ke Ga cape (where the wind speeds up to 9.5 m/s), the total capacity of 3.4 GW, with an investment of nearly USD12 billion.

The Prime Minister has then approved of the EE Group’s investment intention. Currently, the EE Group’s on feasibility report to submit to the Government for approval. Binh Thuan province has proposed the Government and the Ministry of Industry and Trade to add this project to the national electricity development plan as soon as possible.

Next, at the 2020 Vietnam High Energy Forum on July 22, Copenhagen Infrastructure Partners Group (CIP-Denmark) signed a memorandum of understanding (MoU) with Binh Thuan province on the development of offshore wind power project at La Gan, with the total capacity of 3.5 GW and investment capital of USD10 billion. It is known that CIP is the pioneer corporation in the offshore wind power industry in the Asia - Pacific.

Exploiting renewable energy at sea is a trend and lots of potentials - Illustration photo.

With a coastline of more than 3,000 km, Vietnam has 160 Gigawatts of offshore wind power potential that can be exploited. The Politburo's Resolution No.55 on the National Energy Development Strategic Orientation has opened up many new potential opportunities for the private economic sector to participate in energy development. FDI inflows into renewable energy are a positive effect. Effective implementation of the first 2 large-scale offshore wind power projects in Binh Thuan waters will create a premise to attract other international investors to develop clean energy sources in Vietnam.

If onshore solar and wind power are bustling with many projects from domestic investors, the offshore wind power, though small in quantity, is superior in project scale. The reason is that the offshore wind power has outstanding efficiency but large investment capital, high risk, difficult constructional conditions at sea. Therefore, it is not a "playground" for the majority, but only investors have lots of experience and great potential dare to explore.

Sea economy of Binh Thuan in the last century was mainly fisheries, with traditional exploitation, processing and farming. In the 21st century, there will be more sea-island tourism, oil and gas, seaport, offshore wind power, and many new types of energy to be exploited in the future. While the resources on the mainland have been exhausted, sea-forward has become an inevitable trend of the human race in the 21st century, and Binh Thuan is following that trend.

The Provincial Party Committee has just issued Plan No. 216 to implement the Politburo's Resolution 55 on Strategic Orientation for National Energy Development. Accordingly, Binh Thuan will focus on cooperating with partners to promote the development of offshore wind power projects (where the wind speed is high and stable), in association with security-defense and strategy for the sustainable development of Vietnam's marine economy.

Binh Thuan has currently had wind power projects onshore, on the island. In the next 5-year term, the locality will see wind turbines installed on the high seas, providing abundant energy sources for the country, and employment - income for the locality. Binh Thuan will become richer and stronger thanks to the sea potentials.

Translated by Uyen Linh (Source: Binh Thuan Online)

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