Page 74 - Ebook HTKH 2024

Vietnam. Investing in renewable energy in general and wind power in particular is also
a development orientation of Europe mentioned in the new development strategy and

new energy strategy. Currently, there are a number of investors who have shown interest
in the Vietnamese market.
In 2019, Copenhagen Infrastructure Partners - CIP (Denmark) entered into a joint
venture with Asiapetro (Vietnam) and Novasia (Vietnam) to implement the La Gan
Offshore Wind Power Project in Binh Thuan. CIP is a pioneer investor in the field of
renewable energy, managing 7 investment funds with a capital of more than 18 billion
USD. CIP has made more than 30 investments in large-scale energy projects with a total
capacity of nearly 26 GW in the United States, the United Kingdom, Germany, Spain,

Australia, Japan, Korea, Taiwan and Vietnam. The La Gan Wind Power Project is
located off the coast of Binh Thuan province, Vietnam. With an expected capacity of
3.5 GW, the project is expected to provide energy to more than 7 million households per
year upon completion. La Gan aims to become the first large-scale offshore wind power
project in Vietnam. The project has a total investment value of approximately
10.5 billion USD, implemented according to the highest international standards and

applying the most advanced wind power technologies (La Gan Offshore Wind Power
Project, 2022). CIP is also participating in the research and development of new
renewable energy technologies such as Power-to-X solutions including green hydrogen,
green ammonia, energy storage, energy islands and power transmission in Vietnam.
Recently, in July 2022, CIP proposed EVN to cooperate in developing a number of
large-scale offshore wind power projects and developing the transmission grid in the
North of Vietnam (Quang Ninh province). It is expected that by 2030, CIP will invest

approximately 110 billion USD in renewable energy projects, including offshore wind
power projects in Vietnam (Vietnam Energy, 2022a).
The Danish Orsted Group (Orsted is a company with a controlling stake in the
Danish Government and is currently the world's largest offshore wind power developer,
accounting for 29% of global installed capacity and producing 88% of energy from
renewable sources (Tien Thang, 2022)) has proposed wind power development projects

in Hai Phong, Thai Binh, Binh Thuan and Ninh Thuan, localities with favorable
geographical locations and natural conditions for project implementation. In 2021, the
Group proposed the Tuy Phong Offshore Wind Power project in Binh Thuan province
with a total expected capacity of 4,600 MW, including 3 phases (to be completed in
2029, 2032 and 2034 respectively). The electricity output to the grid is about 20,148
GWh/year, the total project investment is about 368,800 billion VND (equivalent to
more than 15.4 billion USD), equity capital is 110,650 billion VND (the rest is mobilized
from the parent group and member groups) (Thai Binh, 2022). In the same year 2021,

Orsted Group also proposed to study the Offshore Wind Power Project in Hai Phong
city with a total expected capacity of 3,900 MW divided into 3 phases, each phase of
1,300 MW, operating in 2029, 2035 and 2037 and a total investment of about 13.6 billion
USD. In August 2022, Orsted Group and T&T Group (Vietnam) jointly proposed to
invest in 2 offshore wind power projects (Ninh

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