German Firm Sets Plans for USD 4.6 Billion Offshore Wind Project in Vietnam

October 23, 2024, by Adnan Memija

Germany-based PNE AG is set to invest USD 4.6 billion to build an offshore wind farm with a capacity of up to 2 GW in Vietnam’s Binh Dinh province.

On 22 October, PNE CEO Per Hornung Pedersen visited the province and engaged with local officials to explore ways to advance the project, according to an official statement.

PNE said that the offshore wind project has received support from the governments of Vietnam and Germany, and expressed hope that it will be picked as a pilot project within a partnership programme involving both countries.

The company expressed its expectation that the project will soon receive investment approval.

PNE AG has been developing the Binh Dinh offshore wind project since 2019.

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With a total capacity of 2,000 MW, the wind farm is planned to be constructed in three phases, each worth more than USD 1.5 billion.

Once fully operational, the project is expected to provide about 7.1 billion kWh of electricity annually.

Vietnam has several nearshore wind farms in development and operation, and a 2030 offshore wind target of 6 GW, with the government aiming to reach between 70 GW and 91.5 GW by 2050.