On 29-30th October 2024, our Managing Director, Thomas Jakobsen, was invited to speak on two panels at the 7th Vietnam Onshore Offshore Wind and Energy Storage Summit (VOOWESS). He had the opportunity to discuss Vietnam’s current onshore and offshore wind market, outlook on the new Decree No. 80 on Direct Power Purchase Agreement (DPPA), released in July 2024, and Vietnam’s future power generation mix.
On the panel about “The Lender’s Mindset: Who Will Finance Projects and How”, there was lots of discussion about the bankability of wind energy in Vietnam and how the government can balance between regulatory support and regulatory risk to ensure projects get done. Here, Thomas emphasized that with the DPPA mechanism, Vietnam can attract the necessary private investment to deploy onshore/near-shore wind projects and achieve its national power development goals by 2030. It is unrealistic to expect a higher energy tariff from the government, as this has been shown through EVN’s US$1.053 billion loss this year. He suggested that an LCOE cost of 5.5 cents was a realistic price that investors, developers, offtakers and EVN would be comfortable with. All of this is consistent with what Indochina Energy Partners said two years ago at the ASEAN Wind Energy x Solar PV Show Vietnam 2022 about the bankability of off-shore wind projects.
On the second panel about “Wind, Energy Storage, Hydrogen Project Updates and Pipeline”, there was lots of discussion about the development of hydrogen and carbon credits market in Vietnam. Here, Thomas pointed out that Vietnam needs to consider its competitive advantage. Vietnam doesn’t need to develop every type of renewable energy, instead, we can focus on harnessing our strongest resources and trade with other countries.
VOOWESS 2024 brought together key players in the renewable energy sector, all focused on the shared goal of a sustainable, green future. Thomas Jakobsen’s participation underscores our commitment at Indochina Energy Partners to drive forward clean energy solutions in Vietnam and the broader region.
