Wind Energy – Vietnam
Equinor has cancelled plans to invest in Vietnam’s offshore wind sector, a company spokesperson told Reuters, in a setback for the Southeast Asian country’s green power ambitions.
Vietnam has attracted international interest in its renewables plans because of its strong winds in shallow waters near coastal, densely populated areas, according to the World Bank Group, but delays in regulatory reforms have recently pushed some would-be investors to reconsider their plans.
“We have decided to discontinue our business development in Vietnam and to close our office in Hanoi,” Magnus Frantzen Eidsvold, an Equinor spokesperson, said in an interview.
It is the first time Equinor has closed an international office focused on offshore wind development.
Equinor’s exit deals a further blow to Vietnam after Danish offshore wind company Orsted said last year it would pause its plans to invest in large offshore wind farms in the country.
Vietnam has no current offshore wind projects but wants to install wind farms for 6 gigawatt (GW) by 2030, equal to 4% of its planned capacity, as part of plans to reduce coal and reach net zero carbon emissions by the middle of the century.
