Norwegian investors show interest in wind power

Investors from Norway expressed an interest in Vietnam’s wind power sector at the Vietnam Wind Power 2021 (VWP2021) conference held in-person and online on December 1.

Norwegian companies could use their expertise, especially construction experience, skills and knowledge, in the global offshore power market, including in Vietnam, the conference heard.

The global shift from fossil fuels to renewable energy is inevitable, H.E. Grete Løchen, Norwegian Ambassador to Vietnam, told the conference. She also expressed a hope that the gathering would contribute to accelerating this much-needed energy transition to ensure sustainable economic growth.

Four reputable companies from Norway - Equinor, Mainstream Renewable Power, DNV, and Scatec - were in attendance.

Equinor is looking to invest and develop offshore wind power in Vietnam, as it considers it a promising market. The company is currently building the world’s largest wind farm, off the coast of the UK, and is looking forward to coming to Vietnam.

Meanwhile, Scatec plans to develop a floating solar power project with a capacity of 1,000 MW in southern Dong Nai province. The project is worth $1 billion, including investment in transmission lines, and is expected to be one of the largest floating solar power projects in the world. Together with domestic partners, Scatec will form a production line of flotation devices in Vietnam.

Offshore wind power development requires the necessary technology, which is a strength of Norwegian companies, added Mr. Arne-Kjetil Lian, Norwegian Trade Counselor and Director of Innovation Norway.

“Having world-class capabilities in innovation, technology, and large-scale industrial solutions to promote new competitive options for developing offshore wind power projects, companies in Norway are willing to work with domestic partners by sharing expertise and technology to help Vietnam transform its energy and fulfill its climate commitments under the Paris Agreement and COP26, and at the same time contribute to the country’s sustainable economic growth,” he said.