REE eyes billion-dollar offshore wind push

REE eyes billion-dollar offshore wind push

Refrigeration Electrical Engineering Corporation plans to invest billions of dollars in offshore wind as part of a long-term strategy to expand its renewable energy portfolio and scale up power capacity by 2030.

REE shareholders attend the company’s 2026 AGM, where leadership outlined plans for a billion-dollar push into offshore wind development

At its 2026 AGM on March 31, REE shareholders approved a business plan targeting record-high revenue, while the company’s leadership highlighted offshore wind as a key strategic direction alongside its traditional pillars.

REE aims to raise its total power generation capacity to around 3,000MW by 2030, up from the current 1,200MW. According to chairwoman Nguyen Thi Mai Thanh, the company will prioritise diversifying its renewable energy mix, including offshore wind, nearshore wind, and floating solar power, to underpin long-term growth.

Thanh noted that recent geopolitical developments, particularly tensions in the Middle East following military actions involving Iran, have significantly impacted global energy markets. In this context, electricity prices may edge higher in the near term, requiring careful operational planning.

She added that hydropower operations, in particular, must be optimised to balance water resources and generation timing to maximise efficiency.

The impact of global energy market fluctuations is not confined to the power sector but is also affecting broader domestic production activities. Against this backdrop, REE is accelerating investments in renewable energy as a strategic pillar to both adapt to market volatility and capitalise on long-term energy transition opportunities.

For 2026, REE targets revenue of $489 million, up 22.2 per cent on-year, and after-tax profit of $112 million, an increase of 11.3 per cent compared to 2025.

By segment, the energy business is expected to generate $219 million in revenue, up 10 per cent, with profit rising 3.8 per cent to $59 million. The mechanical and electrical segment is projected to post revenue of $187 million, up 32.7 per cent, and profit of $9 million, up 38.1 per cent.

The real estate segment is forecast to record revenue of $74 million, up 39.1 per cent, with net profit increasing 34.9 per cent to $28 million. Meanwhile, the water and environment segment is expected to see revenue grow 27.2 per cent to $8.8 million, although net profit may decline 2.6 per cent to $13.8 million.

In 2025, REE reported revenue of $400 million, up 19 per cent on-year and equivalent to 98 per cent of its annual plan. After-tax profit reached $101 million, rising 27 per cent and exceeding the full-year target by 4 per cent.

The company also approved a 25 per cent dividend for the 2025 financial year, including 10 per cent in cash and 15 per cent in shares.

VIR