The provincial government of Soc Trang in Vietnam has awarded a Decision on Investment and an Investment Registration Certification (IRC) to the first 200 MW of the 1.4 GW Phu Cuong Soc Trang offshore wind project, located off the southern coast of Vietnam. The project, which is anticipated to reach a financial close in 2022, enabling first power to commence as early as 2023, follows a multi-stage development approach, with 200 MW of capacity set to be delivered in phase 1 and the remaining 1,200 MW to be developed thereafter. The plant is a joint venture between Mainstream Renewable Power (70%) and the Phu Cuong Group (30%).
According to the National Steering Committee for Electricity Development, Vietnam’s wind capacity will reach 6 GW in 2025 and 10 GW in 2030, and solar capacity will grow to 14.4 GW in 2025 and 20 GW in 2030. The share of solar and wind in the power mix is aimed to reach 15-20% by 2030 and 25-30% by 2045. The World Bank Group estimates Vietnam's offshore wind potential to be up to 500 GW.
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