On June 3rd, 2022, Petrovietnam Technical Services Corporation (PTSC) and Landesbank Baden-Württemberg (LBBW) & Natixis Corporate & Investment Banking (Natixis CIB) signed a Memorandum of Understanding (MOU) in relation to their collaboration on offshore renewable energy projects in Vietnam.
According to the MOU, LBBW & Natixis CIB will assist PTSC in identifying potential joint venture partners and potential financing solutions for the development of, and investment in, PTSC’s offshore renewable energy projects in Vietnam.
This signing ceremony was held at PTSC’s head office in Ho Chi Minh City with the participation of Mr. Jens Ruebbert, LBBW Regional Head of Asia Pacific and Mr. Le Manh Cuong, PTSC President & CEO.
“It is a pleasure for us to build a partnership with LBBW & Natixis CIB, which together have extensive sector expertise in power and renewable energy, a strong understanding of the Asia Pacific & Vietnamese markets, and leading financiers of renewable energy projects globally. We will work together with LBBW & Natixis CIB towards the realization of renewable energy projects in Vietnam,” said Mr. Le Manh Cuong, PTSC President & CEO.
Mr. Le Manh Cuong - PTSC President & CEO delivered his speech at the MOU Signing Ceremony
LBBW’s Regional Head of Asia Pacific, Mr. Jens Ruebbert, commented, “we are very delighted to form a close cooperative relationship with PTSC and play an important role in the further development of the renewable energy industry in Vietnam.”
“Energy transition is an urgent and important challenge, and as such, we are delighted to be partnering with PTSC to support the development of new renewable energy projects in Vietnam. Such projects will not only enrich PTSC’s sustainable energy portfolio, but will positively transform the country’s future power mix, to one that is more environmentally favorable, congruent with the ambitions of the government”, said Bruno Le Saint, Chief Executive Officer, Natixis CIB, Asia Pacific.
Entering into this MOU is an important milestone for PTSC’s strategic business plan, which includes investment and development of offshore renewable energy projects. This is also in-line with Petrovietnam’s orientation towards the global green energy transition and Vietnam’s policies to encourage the use of clean and sustainable energy sources with an aim to reduce CO2 emissions and reach net-zero CO2 emissions by 2050.
Overview of the MOU Signing Ceremony
LBBW is a state-owned universal bank with deep regional roots, strong client relationships, international expertise and a worldwide network. In Vietnam, LBBW has arranged financing for several renewable energy projects and by the end of 2021, LBBW successfully structured and provided financing for nearly 10% of the operating wind power capacity in Vietnam.
Natixis Corporate & Investment Banking is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations worldwide.
In 2021, LBBW and Natixis CIB formed a strategic partnership to provide financial advisory services to clients on Mergers & Acquisitions and other Corporate Finance transactions globally.
Tran Thi Huyen Trang