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RENOVA Inc. and Petrovietnam Technical Services Corporation signed a memorandum on understanding (MOU). The MOU relates to a partnership for an offshore wind energy project. The MOU states that PTSC will work with RENOVA to establish a partnership in order to scout, prepare, offshore survey, develop, construct, implement, operate, and maintain the planned offshore wind power project in Vietnam.
The signing ceremony took place at an exclusive ceremony at the Asia Green Growth Partnership Ministerial Meeting’s Public-Private Forum, which was organized by Japan’s government to aid Asia’s energy transition. It was in accordance with the Asia Energy Transition Initiatives (AETI) that the Japanese government announced in May 2021. Mr. Yosuke Kiminami was the founder and CEO of RENOVA. Le Manh Cuong was the President and CEO at PTSC.
“It is a pleasure to have a close working relationship with PTSC. They have advanced technologies for building offshore facilities in Vietnam. This will ensure that the future growth of the renewable energy sector is possible. RENOVA’s founder and CEO Yosuke KIMINAM, says that RENOVA will be working harder to decarbonize the country with the help of the Vietnamese government, provincial governments, partner companies, and residents.
The President and CEO of PTSC, Mr. Le Manh Cuong says, “It’s encouraging for us to form a partnership with Renova. They have expertise in the overall design of renewable energy projects including engineering and financing.” We will collaborate with RENOVA to commercialize the offshore wind power plant in Vietnam.
This MOU signifies that PTSC has taken specific steps to implement its strategic move to invest in and provide services in green energy field, in accordance with the development strategy approved by General Meeting on December 29th 2021.
Participation in offshore wind power development and investment projects will be the last link in completing a value chain. This includes survey, engineering and manufacturing. Installation, operation, maintenance, and diversification of PTSC’s business activities. The offshore wind power project’s lifetime will last between 25 and 30 years. It will generate revenue and stable jobs for PTSC over a long period of time, especially in the context that Vietnam is declining in new oil & natural gas projects.
RENOVA was established in 2000 and has its head office in Japan. It is an independent developer and producer of renewable energy. RENOVA’s three wind power projects in Quang Tri have been officially operational since 2021.