DNV GL Americas entered into a contract with Vietnam’s Phu Cuong Group, to deliver a feasibility study for a near-offshore wind farm under a grant from the United States Trade and Development Agency (USTDA) to PCG.
The study will support efforts to develop Phu Cuong 1, a 170 MW wind farm for a $435 million price tag. The wind farm would be the first in PCG’s planned series of near-offshore wind power projects along Vietnam’s southern coastline in Soc Trang province.
PCG, an established private firm majoring in real estate development and seafood exporting, plans to develop an 800 MW pipeline of wind power to meet the rising demand for energy of Vietnam’s growing economy. The Vietnam government has set a target for wind energy development to reach 800 MW by 2020, 2000 MW by 2025 and 6000 MW by 2030.
DNV GL will assess the potential for wind production, review permitting and land control issues, evaluate the needs for a safe, reliable and affordable connection to the province’s electrical grid, provide a foundational design, estimate potential construction costs and recommend the optimal approach to financing it.
The feasibility study is the first wind power project in Vietnam for DNV GL, which has served the nation’s energy, maritime and oil and gas industries since 1996, particularly in risk management.
PCG Deputy General Manager for Energy and Investment Pham Quoc Anh said, “Wind energy is still very new in Vietnam. As one of the pioneers, Phu Cuong Group looks for reliable, established partners to help us develop the project following the best standards. We are confident that DNV GL, with their experience in developing 150,000 MW wind energy globally, will produce a high quality Feasibility Study for Phu Cuong 1 Wind Farm, creating the foundation for the project’s success in future.