The total investment for the project will be $436 million, disbursed over several phases. The first phase of the project has a capacity of 30 MW including 15 wind turbines, with an investment of $75 million from Phu Cuong. All the turbines and related equipment will be provided by Vestas, which will be transported to Vietnam and assemble in Phu Quy Island, Binh Thuan province.
Pham Quoc Anh, deputy CEO, Phu Cuong, said that Soc Trang province has 65 kilometers coastal line, which has the potential to harness up to 800 MW wind energy. He also added that Vietnam National Electricity Company (EVN) will buy the electricity at 9.8 cent per kWh, of which one cent is subsidised by the state.
Phu Cuong Group thatwas founded in 1990 in Ho Chi Minh City, mainly specialises in farming, processing, aquaculture, and exporting seafood products. The group also has 21 member companies in aquaculture areas around the Southern Vietnam.
According to the information given on its website, Vestas is the only global energy company dedicated exclusively to wind energy. The company was founded in 1898 in western Denmark and started producing wind turbines in 1979.Today, it has 64 GW of installed wind power and more than 42 GW under service, globally.