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Australia’s Corio Generation, the offshore wind energy branch of Macquarie's Green Investment Group, has signed an MoU with EVNGenco3, a subsidiary of Vietnam Electricity (EVN), for offshore windfarm development in Vietnam.

The MoU signing took place at the Australia-Vietnam business forum in Melbourne on March 5. The forum was hosted on the sidelines of Vietnamese Prime Minister Pham Minh Chinh’s ongoing visit to Australia.

Corio operates on a standalone basis from Macquarie and the Green Investment Group and has one of the world’s largest offshore wind development portfolios at over 20GW.

The wind energy firm has three fixed-bottom projects totalling 4.5GW currently under development in Vietnam, in Binh Thuan, Haiphong, and Ba Ria-Vung Tau.

The Binh Thuan project could be the first gigawatt-scale offshore windfarm in the province. The Haiphong project is located off the coast of Haiphong city, while the Vung Tau Offshore Windfarm is a 500MW project off the coast of Ba Ria-Vung Tau province, developed in agreement with local partner FECON.

EVNGENCO3 is the best performing unit in EVN's power generation segment and has been consistently seeking opportunities to develop green energy projects over the last few years to increase its sustainability.

Both companies hope that the partnership will result in the successful development of more offshore windfarm projects to contribute to Vietnam's green energy transition.

Vietnam aims to meet its net-zero emissions goal by 2050 with a plan which includes 6 GWs of offshore wind energy available to the country’s domestic market by 2030 and 70-91.5GW by 2050