Corio announces MOU with Vietnam’s EVNGenco3
Corio Generation, a portfolio company of Macquarie Asset Management, has signed a Memorandum of Understanding (MOU) with a leading supplier of electricity to the Vietnamese power market, demonstrating the global developer’s long-term ambition to bring offshore wind energy to the Southeast Asian country.
Corio signed the MOU with Vietnam Electricity (EVN) subsidiary Power Generation Corporation 3 (EVNGenCo3). EVN is Vietnam's largest state-owned power company.
Under the MOU, both parties agree to collaborate in preparing long-term strategies for offshore wind project development.
This partnership underscores Corio’s commitment to supporting Vietnam’s net zero emissions goal, which includes a 6 GW target of offshore wind supply to the domestic market by 2030 and between 70-91.5 GW by 2050.
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, part of the 2024 ASEAN-Australia Special Summit in Melbourne.
Corio was named Offshore Developer of the Year in the 2023 Wind Investment Awards. The team 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 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.
“EVNGenco3 plays a significant role in supplying electricity to the national power system. We are excited to be signing this agreement with EVNGenco3 to power Vietnam’s fast-growing economy through developing clean and sustainable offshore wind energy,” said Yi-Hua Lu, Head of APAC Region for Corio Generation. “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.”
“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,” 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.”
(Photo credit: vir.com.vn
About Corio Generation
Corio Generation is a specialist offshore wind business dedicated to harnessing renewable energy worldwide. With a unique blend of sector-leading expertise and deep access to long-term capital, we work closely with our partners in the creation and management of projects from origination, development and construction, and into operations.
Corio has one of the world’s largest offshore wind project pipelines with more than 30 GW in development across Europe, Asia-Pacific and the Americas. Our project portfolio spans established and emerging markets, as well as floating and fixed-foundation technologies. These next-generation offshore wind projects will help form the backbone of the net-zero global energy system while meeting the energy needs of communities and corporate off-takers sustainably, reliably, safely and responsibly.
Corio Generation is a portfolio company of Macquarie Asset Management operating on a standalone basis. For more information visit coriogeneration.com.
About EVNGenco3
EVNGENCO3 is one of the leading power generators in Vietnam which was established in 2012, launched IPO in 2018 and listed in Ho Chi Minh Stock Exchange (HoSE:PGV).
EVNGENCO3 is currently managing and operating 6.5GW of various types of power plants (thermal, hydropower and solar power) that accounts for more than 8% of installed capacity and 11% of the total electricity output of the Vietnam electricity system. Our corporation specializes in power plant investment and construction and proud to be the leading O&M service provider for power plants in Vietnam.
EVNGENCO3 - a subsidiary of Vietnam Electricity (EVN), is always looking for opportunities to cooperate in developing green energy projects towards a sustainable power generator. For more information visit www.genco3.com.