Corio Generation, an offshore portfolio company of Macquarie Asset Management, has signed a Memorandum of Understanding (MOU) with a supplier of electricity to the Vietnamese power market to bring offshore wind energy to the Southeast Asian country.

Corio signed the deal with the Power Generation Joint Stock Corporation 3 (EVNGENCO3), a subsidiary of Vietnam Electricity (EVN), the largest state-owned power company. 

Both parties will collaborate in preparing long-term strategies for offshore wind project development.

This partnership includes a 6 GW target of offshore wind supply to the domestic market by 2030 and between 70-91.5 GW by 2050.

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

The team has already been developing a fixed-bottom project of up to 3 GW in Binh Thuan since 2019, prior to Corio’s launch as a new brand in offshore wind in April 2022.

“If fully realised, it would help provide clean, affordable electricity to the region and support Vietnam’s target of achieving net zero carbon emissions by 2050,” says Corio.

The MOU exchange ceremony was held on 5 March in the presence of Vietnam’s prime minister Pham Minh Chinh, during the Australia-Vietnam Business Forum.

Yi-Hua Lu, head of APAC region for Corio Generation, said: “This MOU showcases our long-term commitment to Vietnam’s green energy transition. We look forward to working with EVNGENCO3 and continuing to engage with our stakeholders and further developing our portfolio in the country.”

Vo Minh Thang, vice president of EVNGENCO3, noted: “In Vietnam, offshore wind is determined as an inevitable path towards supporting the country’s energy transition and sustainable development. We are honoured to be collaborating with Corio, one of the world’s leading offshore wind investors and developers.”

Source: Corio