Corio Enters Offshore Wind Partnership with Vietnam’s State-Owned Power Company

Business & Finance

March 11, 2024, by Adrijana Buljan

Corio Generation has signed a memorandum of understanding (MOU) with Power Generation Joint Stock Corporation 3 (EVNGENCO3), a subsidiary of Vietnam Electricity (EVN), to collaborate in preparing long-term strategies for offshore wind project development.

The MOU between Corio, a portfolio company of Macquarie Asset Management, and the subsidiary of Vietnam’s largest state-owned power company, is not a first for the European developer in Vietnam.

The Corio team has been developing an offshore wind project of up to 3 GW in Binh Thuan since 2019, before its launch as a new offshore wind brand at Macquarie.

In 2022, Corio also signed a joint development agreement with Fecon, a Vietnamese construction and infrastructure group, for a proposed 500 MW offshore wind farm in Ba Ria, Vung Tau province.

Corio says the partnership with EVNGENCO3 underscores its commitment to supporting Vietnam’s net zero emissions goal.

Vietnam’s offshore wind target for 2030 has been set to 6 GW, with the government aiming to reach between 70 GW and 91.5 GW by 2050.

“In Vietnam, offshore wind is determined as an inevitable path towards supporting the country’s energy transition and sustainable development,” said Vo Minh Thang, Vice President of EVNGENCO3.

“The MOU demonstrates EVNGENCO3’s strong commitment to investing in and developing offshore wind projects, in line with Vietnam’s green energy transition. We believe that this cooperation will greatly contribute to the development of Vietnam’s power system and our ability and experience in O&M service for the entire lifetime of offshore wind projects.”