Australian wind power giant eyes Vietnam investment

By Hoang Thuy March 9, 2024 | 03:23 am PT

Prime Minister Pham Minh Chinh (R) speaks with Yi-Hua Lu, Asia Pacific director of Corio Generation, in a meeting in Australia on March 8, 2024. Photo by Nhat Bac

Australia-headquartered Corio Generation, one of the largest wind power developers in the world, wants to build a renewable energy power plant in Vietnamese waters.

Corio’s Asia Pacific director Yi-Hua Lu told Prime Minister Pham Minh Chinh on Friday that the company aims to develop an offshore wind power project, and he requested that the government intervene to untie some administrative knots.

Corio is part of the global financial services conglomerate Macquarie Group. PM Chinh said he appreciated the company’s request. "The retail prices need to be suitable so both sides can benefit," he said.

The PM wanted the company to eventually transfer its technology to Vietnam as part of the deal.

Corio Generation has wind power projects in many countries, including the U.K., Norway and Sweden, with a total capacity of over 30 gigawatts.

It has been participating in renewable energy projects in Vietnam since 2019. On March 5 it signed a memorandum of understanding with a subsidiary of Vietnam Electricity on collaborating on offshore projects.

Vietnam aims to develop 6,000 megawatts of offshore wind power by 2030. Saturday is the last day of PM Chinh and his wife’s three-day official visit in Australia.