Pacifico Energy eyes major wind energy investments in Vietnam

Pacifico Energy eyes major wind energy investments in Vietnam

Prime Minister Pham Minh Chinh met with Nate Franklin, chairman of Pacifico Energy Group from the United States, on March 12 to discuss wind power projects.

Pacifico Energy Group (PE) specialises in renewable energy and fossil fuel projects in the US, including multiple grid-connected sources of renewable energy and gas. In Vietnam, PE is one of the leading renewable energy investors from the US with a 40MW solar project in Binh Thuan province (completed in 2019), and a 30MW wind project in Ben Tre province (expected to be operational this year).

Pacifico Energy would like to pour billions of US dollars into wind energy in Vietnam. Source: VGP

PM Chinh highly appreciated and thanked PE for its practical and effective contributions to Vietnam's socioeconomic development.

The Vietnamese government welcomes PE's commitment and plans to invest in Vietnam's energy sector, including an offshore wind farm in Binh Thuan and other investments in Vietnam, the PM said.

"To achieve rapid and sustainable development, the Vietnamese government has identified the development of renewable energy and new energy as a key task, along with promoting and further strengthening cooperation with foreign investors, contributing to the Vietnam - US Comprehensive Strategic Partnership," PM Chinh said.

Vietnam has set a target of GDP growth at 8 per cent this year, and double digits in the coming years, meaning high demand for electricity. It also plans to export clean electricity. The PM suggested PE should boost its investment and cooperate with Vietnamese partners in green transformation, clean energy, renewable energy, and developing the power grid and power transmission in Vietnam to ensure energy security.

The PM also asked PE to petition the US government to support cooperation with Vietnam, while removing Vietnam from the list of countries with limited high-tech exports and recognising its as a market-oriented economy.

He pledged to ensure an open and favourable environment for investors to operate in accordance with the law, in a healthy, stable, sustainable, effective and profitable manner; as well as ensure the legitimate and legal rights and interests of investors.

The Government Office, the Ministry of Industry and Trade, and localities will urgently check, respond to, and resolve issues related to the implementation of PE's projects. The government will soon issue decrees on wind power as a legal corridor with many incentives for investors.

Franklin highly appreciated the directions being taken to improve the investment and business environment, as well as the active and effective support of ministries, agencies, and localities for businesses. "Vietnam is a promising land, and this is being carried out with very positive future prospects," he said.

"Among all Asian countries, Vietnam has unique advantages in wind power resources with a long coastline, high wind speed, favourable seabed terrain for the construction of wind power projects, and geographical location," Franklin emphasised.

He is committed to continue expanding PE's investment in Vietnam's energy industry, including a billion-dollar investment plan for offshore wind power, along with advanced solutions to ensure energy security for data centres and AI training centres that will support Vietnam's rapid and sustainable economic growth.

VIR