Vietnam National Industry-Energy Group (Petrovietnam or PVN) and Denmark’s Copenhagen Infrastructure Partners (CIP) have signed an agreement to develop the Nam Trung Bo 1 offshore wind project in Vietnam’s south-central region.

In a statement on Thursday, PVN said the agreement was delivered at the Vietnam-Denmark Business Forum in Copenhagen. The event was part of Vietnamese General Secretary-State President To Lam’s state visit to Denmark.

For its part, CIP said the project can cost more than $4 billion.

Nam Trung Bo 1 project has a capacity of 1,000 MW. PVN CEO Le Manh Cuong said the project is at an early stage, including feasibility, incentive mechanism, the power purchase agreement, risk allocation, financing, and schedule.

PVN said the results in Denmark reflect its role in offshore wind and in the strategic partnership between Vietnam and Denmark. Vietnam’s Power Development Plan VIII targets 6,000 MW of offshore wind power by 2030 and 17,500 MW by 2035. The total wind power capacity is 113,000-139,000 MW by 2050.

Copenhagen Infrastructure Partners is a Danish renewable energy investor and developer. Its Growth Markets Fund II is a $3 billion fund that targets emerging markets, including Vietnam.

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