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The virtual MOUs signing in Hanoi, Vietnam on February 24.

On February 24, the La Gan Wind Power Development Corporation, developer of the 3.5 GW La Gan offshore wind farm project owned by Copenhagen Infrastructure Partners, Asiapetro and Novasia, signed four Memorandum of Understandings (MOUs) on foundation supply and harbour services. The MOUs were signed with Vietnam-based contractors: CS Wind Corporation, PTSC Mechanical and Construction (PTSC M&C), Southern Petroleum Construction J.S.C (Alpha ECC) and Vietsovpetro. The signing was conducted virtually taking into consideration of the recent COVID 19 development in Vietnam.

Delegates at the signing.

The supply of foundations and harbour infrastructure are amongst the most critical elements of the offshore wind supply chain. The signing of these MOUs establishes an important alliance between the La Gan offshore wind farm project and four promising suppliers with extensive local operations. This cooperation will contribute to the ongoing efforts to localize the Vietnamese offshore wind supply chain as well as help build local suppliers’ capacity to compete in the international market.

Under the MOUs, the La Gan offshore wind farm project and suppliers will loyally work together to promote offshore wind power in Vietnam. In addition, the La Gan offshore wind farm project will facilitate knowledge transfer and provide advice on foundation design, facility layouts, logistics and infrastructure requirements, which will enable the suppliers to serve the offshore wind market to international standards.

‘I would like to congratulate the La Gan project for making an important and steady step forward today with the signing of the four MOUs on foundation supply and harbour services. One of the key priorities in our long-term cooperation with Vietnam is to support a green development and a green transition in the country’s energy sector. Development of foreign investment projects such as the La Gan project will contribute to further expanding and intensifying our close cooperation with Vietnam in knowledge-sharing and capacity building for industry experts and practitioners, especially in the offshore wind supply chain.’ said H.E. Mr. Kim Højlund Christensen, Ambassador of Denmark in Vietnam.

According to an economic impact study made by international experts from BVG Associates (World Bank consultants), the 3.5GW La Gan offshore wind farm project will contribute more than US$ 4.4 billion to the Vietnamese economy over the project lifetime. The project is expected to create over 45,000 Full Time Equivalent (FTE) local jobs in Vietnam, where 1 FTE is 1 job for 1 year. The total Vietnamese content is projected to be approximately 45% across the full supply chain of the project.

‘The signings with four Vietnam-based suppliers today confirms our serious commitment to facilitate knowledge transfer and promote the localization of the offshore wind industry in Vietnam. It is our intention to ensure that our investments filter to the local economy and the Vietnamese people wherever it is feasible. The engagement of Alpha ECC, CS Wind, PTSC M&C and Vietsovpetro, also shows the dedication of local industry leaders to invest in offshore wind energy and to support the government of Vietnam’s vision for an energy green transformation. La Gan Wind Power Development Corporation is honoured to partner with these suppliers to realize Vietnam’s vision.’ said Ms. Maya Malik, Chief Executive Officer of the La Gan Wind Power Development Corporation.

Since the signing of the MOU with Binh Thuan People’s Committee in July 2020, the La Gan offshore wind farm project has actively progressed development activities in close collaboration with the local authorities, suppliers and service providers. Once fully installed, the project is expected to power more than 7 million households per year and avoid 130 million tonnes of CO2 emissions over its lifetime.

The La Gan offshore wind farm project

On 22^nd July 2020, Copenhagen Infrastructure Partners (CIP), on behalf of its fund CI New Markets Fund I, together with Asiapetro and Novasia Energy, signed a Memorandum of Understanding (MOU) with Binh Thuan People’s Committee to develop the 3.5 GW La Gan offshore wind farm project off the coast of Binh Thuan. The signing took place during the Vietnam Energy Summit 2020 High-level Forum and was witnessed by many Vietnamese high-ranking national and sector leaders and the industry consortium. In December 2020, CIP, Asiapetro and Novasia Energy established a joint company, the La Gan Wind Power Development Corporation, to develop the La Gan offshore wind farm project.

Offshore wind farms are large infrastructure projects – in addition to providing clean, secure energy, offshore wind can promote foreign investment, develop skills, create thousands of jobs ,and significantly boost the Vietnamese economy, as it has done in Europe. Illustration image

CIP is a leading global investor in offshore wind and has raised over US$ 14 billion across several renewable energy focussed funds, including the most recent CI IV, which is the world’s largest dedicated greenfield renewable energy fund to date. With the CI New Markets Fund I, CIP is managing a fund specifically targeted at the fast growing major new economies and with a current strong focus on Vietnam.

With a potential capacity of 3.5 GW, the La Gan offshore wind farm project is one of the first large scale offshore wind farm projects in Vietnam. It has the potential to raise Vietnam’s profile in renewable energy within the region and in the world.

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