Germany's energy firm PNE AG is seeking to execute a US$4.6 billion offshore wind power project in Binh Dinh Province, south-central Vietnam.

The group worked with the provincial authorities to accelerate the investment on Tuesday.

The project with a designed capacity of 2,000 megawatts will be carried out in three phases. PNE AG planned to funnel over $1.5 billion in each phase.

Secretary of the Binh Dinh Party Committee Ho Quoc Dung said the province holds huge potential for renewable energy development. Its 134-kilometer coastline is conducive to offshore wind power projects.

He informed that Binh Dinh and PNE had been pursuing the project since 2019. Provincial leaders had visited the group’s projects in Germany and learned about its technology.

The $4.6 billion offshore wind power project will be the most important project of Binh Dinh in the upcoming time and contribute to developing the province, Dung said.

The project, once in place, will annually generate some 7.1 billion kWh of electricity, contributing to ensuring national power security, according to chairman of the Binh Dinh People’s Committee Pham Anh Tuan.

It is also expected to supply power for economic development in Binh Dinh and the central region and contribute around VND1.6 trillion ($62.9 million) to the province’s budget per year.

Per Hornung Pedersen, CEO of PNE, said Binh Dinh satisfies all requirements of offshore wind power projects, such as wind speed and infrastructure.

PNE has expanded its operations to 14 countries and territories in four continents.

In Asia, the group has chosen Binh Dinh as the first destination for offshore wind power development, according to the Vietnam News Agency.

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