PNE Plans $4.6 Billion Offshore Wind Project in Vietnam

German renewable energy developer PNE has announced plans to invest $4.6 billion in a 2,000 megawatt offshore wind project in Binh Dinh province, Vietnam. The project, which is divided into three phases, is expected to generate approximately 7.1 billion kilowatt-hours of electricity annually, contributing about $63 million to the province's budget. Local authorities have expressed strong support for the initiative, highlighting Binh Dinh's favorable conditions for wind energy development due to its 134 km coastline. However, PNE's efforts face challenges from regulatory hurdles that could impede Vietnam's goal of achieving 6 gigawatts of offshore wind capacity by 2030. The CEO of PNE emphasized the need for cooperation to expedite project progress, while industry experts have called for a comprehensive legal framework to attract further investment in Vietnam's wind energy sector. Other investors have shown interest in offshore wind projects, but legal uncertainties have stalled approvals in the past.