Germany's energy company PNE AG is seeking to invest $4.6 billion in an offshore wind power project in Binh Dinh Province, located in south-central Vietnam. The project, designed with a capacity of 2,000 megawatts, will be implemented in three phases, with over $1.5 billion allocated for each phase. PNE AG and provincial authorities met on Tuesday to accelerate the investment process.

Ho Quoc Dung, Secretary of the Binh Dinh Party Committee, stated that the province has significant potential for renewable energy development due to its 134-kilometer coastline, which is ideal for offshore wind projects. The project is expected to generate approximately 7.1 billion kilowatt-hours of electricity annually, contributing to national power security and supplying energy for economic development in Binh Dinh and the central region. It is also projected to add around VND1.6 trillion ($62.9 million) to the province's budget each year.

Per Hornung Pedersen, CEO of PNE, noted that Binh Dinh meets all the requirements for offshore wind power projects, including favorable wind speeds and infrastructure. PNE has operations in 14 countries across four continents and has chosen Binh Dinh as its first destination for offshore wind power development in Asia, according to the Vietnam News Agency.

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