T T Group and Ørsted to invest 30 billion USD in offshore wind power development in Vietnam

HANOI, VIETNAM - Media OutReach^[1] - 10 September 2021 - On September 9, 2021, T&T Group, a multi-industry group of Vietnam and Ørsted, a leading group in offshore wind power signed a Memorandum of Understanding (MoU) on strategic cooperation in offshore wind power in Vietnam, promises to bring a large supply of renewable energy through new investment on offshore wind power projects in Binh Thuan and Ninh Thuan provinces of Vietnam.

Mrs. Nguyen Thi Thanh Binh, Deputy General Director of T&T Group and Mr. Martin Neubert, COO & Deputy Group CEO of Ørsted, signed the Memorandum of Understanding (MoU) on strategic collaboration on offshore wind in Vietnam.

Accordingly, the two groups will use and promote the experience, strengths and capabilities to bring high efficiency for the projects. Both sides cooperate in developing three projects in Binh Thuan and Ninh Thuan provinces with a total estimated installed capacity of nearly 10 GW and total expected investment of about 30 billion U.S. dollars in 20 years.

Do Quang Hien, Chairman of T&T Group, said: "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. 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."

Matthias Bausenwein, President of Ørsted Asia-Pacific, said: "Ørsted aims to reach 30 GW of offshore wind power by 2030. 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."

On the same day, T&T Group and Smart Universal Logistics N.V, a leading Belgian company in sustainable energy and environmental infrastructure development, also signed a MoU on cooperation in developing desalination plants using wind power to produce fresh water for agriculture and aquaculture in Vietnam.

T&T Group is one of the leading private economic groups in Vietnam, operating 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 per cent of total installed capacity of power in Vietnam's electricity system.

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References

1. ^{^} Media OutReach (www.media-outreach.com)