Located around 23-35km from the coast, the proposed fixed-bottom facility would be among the country’s first large-scale offshore wind projects.
The project is yet to receive approval and licences.
Once complete, it will have the capacity to generate 1.25GWh of clean energy and offset more than 600,000t of carbon emissions a year, according to analysis by the Green Investment Group (GIG).
Corio is a portfolio company of the Macquarie-owned GIG, which operates as a standalone business entity.
Corio Generation CEO Jonathan Cole said:“With its vast wind resources, Vietnam can be a South-East Asian powerhouse in offshore wind, providing clean, affordable electricity, as well as supporting jobs and economic opportunities for local communities.
“The team in Hanoi has been examining opportunities across the country for many years.
“We are looking at a number of potential projects and partnerships, demonstrating Corio’s commitment towards offshore wind in Vietnam.
“Our strategy is to work and collaborate with the most reputable and capable local companies.
“We are therefore excited to be signing this joint development agreement for the Vung Tau project with FECON, a leading infrastructure, and energy group with a strong track record including in wind and solar energy.”
FECON chairman Pham Viet Khoa said: “We are delighted to sign this joint development agreement to work with leading global developer Corio Generation on the Vung Tau offshore windfarm.
“We believe this project will be delivered to a high standard, meeting Vietnam’s urgent power needs for developing the economy.”
Earlier this month, Corio announced plans to build five offshore wind farms in Brazil with more than 5GW of combined capacity.
The company will work with Brazilian power generation firm Servtec Energia to build the fixed-bottom projects.