PTSC and RENOVA signed Memorandum of Understanding on Collaboration for Offshore Wind Power Project in Vietnam

On April 25, 2022, Petrovietnam Technical Services Corporation (PTSC) and RENOVA Inc. held a signing ceremony for a memorandum of understanding (MOU) on a collaboration for an offshore wind power project. According to the MOU, PTSC and RENOVA will establish a cooperative relationship on scouting, preparation, offshore survey, development, construction, implementation, operation and maintenance of the offshore wind power project planned in Vietnam with a view towards commercialization.

This signing ceremony was arranged in a special ceremony at the Asia Green Growth Partnership Ministerial Meeting (AGGPM)’s Public-Private Forum organized by the Japanese government as an action helpful to Asia’s energy transition in line with the Asia Energy Transition Initiative (AETI) announced by the Japanese government in May 2021. Mr. Yosuke Kiminami, the founding President and CEO of RENOVA, and Mr. Le Manh Cuong, the President and CEO of PTSC participated in the ceremony online.

Mr Le Manh Cuong - PTSC's President and CEO at the singing ceremony

“I am very delighted to form a close cooperative relationship with PTSC, which has advanced technologies for the construction of offshore facilities in Vietnam, where the continued growth of the renewable energy industry is anticipated. RENOVA will work harder on decarbonization in the country in cooperation with the Vietnamese government, the provincial government, partner companies and local residents,” says RENOVA’s founding President and CEO Mr. Yosuke Kiminami.

PTSC’s President and CEO Mr. Le Manh Cuong comments, “It is encouraging for us to build a partnership with Renova, which has expertise in the overall development of renewable energy projects, including engineering and financing. We will work together with RENOVA towards the commercialization of the offshore wind power project in Vietnam.”

Entering in this MOU indicates that PTSC is taking specific steps to materialize its strategic move to invest and provision of services for green energy field in compliance with the development strategy and business line approved by General Meeting of Shareholders on December 29th, 2021.

Participation in investment, development offshore wind power projects will be the final link to complete a value chain of a wind power project incuding survey, engineering, manufacturing, installation, operation and maintenance as well as diversifying PTSC’s business activities when the lifetime of an offshore wind power project will last for 25 - 30 years, generating revenue and stable job for PTSC for a long period in the context of declining of new oil & gas projects in Vietnam.

The MOU signing ceremony between PTSC and RENOVA
Established in the year of 2000 with the head office based in Japan, RENOVA is an independent renewable energy developer and power producer, which develops, owns, and operates solar PV, biomass, offshore and onshore wind, geothermal and hydro power plants. At the end of 2021, RENOVA’s 03 wind power projects in Quang Tri province have officially commercial operated.

Tran Thi Huyen Trang