Danish fund manager Copenhagen Infrastructure Partners (CIP) has signed a joint development agreement with Petrovietnam to develop offshore wind projects.

The agreement, signed with CIP’s CI GMF II Cooperatief UA fund, follows a memorandum of understanding on renewable energy and offshore wind from March last year.

The new deal will see the two jointly develop an offshore wind project in the south-central region of the country.

“The venture will lay the foundation for developing a domestic supply chain, creating jobs, attracting green foreign investment, and positioning Vietnam as a regional hub for clean energy,” said Petrovietnam chairman Le Manh Hung.

Vietnam has great offshore wind potential with favourable wind conditions and a long coastline. The country has a target of 6GW of offshore wind capacity by 2030, 17.5GW by 2035, and between 113GW and 139GW by 2050.

“By combining CIP’s global experience and expertise in OSW with Petrovietnam’s proven offshore expertise and deep understanding of the local market, we are well-positioned to deliver one of Vietnam’s first OSW projects and to establish the groundwork for future offshore wind projects in Vietnam,” said Robert Helms, a partner at CIP.