Corio partners with Vietnam’s FECON on Vung Tau wind farm

The Corio Generation teams up with FECON at the offshore wind power project in Ba Ria-Vung Tau province

The partnership demonstrates Corio’s commitment towards renewable energy development in Vietnam, said company representatives at a signing ceremony in Hanoi.

The proposed offshore windfarm, located 23-35km from the coast, could be among the first large-scale offshore wind projects to be built in Vietnam, once licences and approvals are obtained.

The fixed-bottom project could produce around 1,250GWh of clean electricity and avoid more than 600,000 tonnes of carbon emissions a year, according to an analysis by the Green Investment Group.

Guillermo Martinez-Navas, senior director of Corio Generation, giving remarks at the signing ceremony

“With its vast wind resources, Vietnam can be a Southeast Asian powerhouse in offshore wind, providing clean, affordable electricity, as well as supporting jobs and economic opportunities for local communities,” said Guillermo Martinez-Navas, senior director of Corio Generation.

“The team in Hanoi has been examining opportunities across the country for many years. We are looking at a number of potential projects and partnerships, demonstrating Corio’s commitment towards offshore wind in Vietnam.”

Martinez-Navas added, “Our strategy is to work and collaborate with the most reputable and capable local companies. We are therefore excited to be signing this joint development agreement for the Vung Tau project with FECON.”

Corio’s team has considerable experience in developing offshore wind, with projects in development in Europe, the Americas, and Asia-Pacific, including Taiwan, South Korea, Japan, and Australia.

Pham Viet Khoa, chairman of FECON, giving remarks at the signing ceremony

Pham Viet Khoa, chairman of FECON said, “We are delighted to sign this agreement with Corio Generation. We believe this project will be delivered on a high standard, meeting Vietnam’s urgent power needs for developing the economy.”

Khoa added, “We look forward to Corio contributing to accelerate the development of the country’s offshore wind sector. In Vietnam, Corio has a team of experienced local staff who understand the investment landscape of the renewable energy sector.”

Vietnam and Australia have a long-term cooperation relationship, being strategic partners since 2018, the two-way trade has grown tremendously in recent years. Moreover, the synergy of multiple regional trade agreements that the two countries participate makes Vietnam an attractive investment destination for Australia, especially in the field of offshore wind power.

Corio is a global offshore wind business and a portfolio company of Macquarie’s Green Investment Group, operating on a standalone basis. The business has one of the world’s largest offshore wind development portfolios, at over 20GW.

Vietnam's FECON has specialised in foundation engineering and underground construction. It is also an investor in renewable energy, urban areas, and eco-industrial parks.