German renewable energy group, PNE AG announced its plans to develop a 2-GW offshore wind farm in the waters of the Phu Cat and Phu Dinh districts, in the Central Vietnamese province of Vietnam. The announcement was made at a working group meeting between the German company and the authorities of the province. An estimated investment of $4.8 billion will be required for the project as the company aims to install 154-166 wind turbines in the province. Further, PNE AG recommended that the proposed offshore wind project should be included in Vietnam’s national power development plan to catalyse its implementation. The first phase, of 700 MW which is estimated to cost $1.6 billion could be commissioned by 2024. The technical survey for the project is scheduled to begin in 2021.

Vietnam’s energy demand is expected to double by 2030. In June 2020, the country approved wind projects worth 7 GW as it aimed to meet its target of 12 GW of wind energy by 2025. In October 2020, Vietnam’s Ministry of Industry and Trade instructed provinces to stop accepting proposals for wind projects due to fears of over expansion in the sector. Proposals for almost 50 GW of offshore and onshore wind power was received in the last two years.

PNE AG is a renewable energy company that specialises in wind energy. The company’s offshore wind farms are mainly located in the North Sea and its onshore wind farms are spread across Europe, South Africa, the United States, and Canada. In addition to wind energy, PNE AG is also a developer of solar energy, electricity storage, and power-to-gas technologies with a focus on hydrogen.