Phu Cuong invests $436m in wind energy

wind energy visual from Vestas homepage

Phu Cuong Group has signed memorandum of understanding (MoU) with Vestas Wind System (Vestas) for the 170 MW wind farm project in Soc Trang province.

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.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.