On January 9, 2025, within the framework of the Vietnam-Laos Investment Cooperation Conference, the Laos Ministry of Planning and Investment granted a concession agreement for the Savan 1 Wind Power Project to Savan 1 Wind Power One-Member Co., Ltd. (a member of T&T Group), under the witness of Vietnamese Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone.
Per the concession agreement, the Government of the Lao People’s Democratic Republic agreed to allow Savan 1 Wind Power One-Member Co., Ltd. to design, construct, own, and operate the Savan 1 Wind Power Project for a term of up to 25 years to export electricity to Vietnam. The project is located in Phin County, Savannakhet Province, Laos, with an installed capacity of up to 495 MW and a total investment of about $768 million. The first phase of the project has an installed capacity of 300 MW and a total investment of over $490 million and is planned to be put into commercial operation by the end of 2025.
Ms. Nguyen Thi Thanh Binh, Vice President of T&T Group, Chairman of Savan 1 Wind Power One-Member Co., Ltd., said that the signing of the concession agreement for the Savan 1 Wind Power Project with the Lao Government is a significant milestone, marking the beginning of T&T Group’s cross-border energy investment strategy. This not only contributes to the development of a promising field in the neighboring country and meets domestic energy needs through electricity production and export to Vietnam but is also an important event promoting economic cooperation between Vietnam and Laos.
“The Savan 1 Wind Power Plant will be a pioneering project and the foundation for the Group to continue to invest in many other energy projects in Laos in the future,” emphasized Ms. Nguyen Thi Thanh Binh.
The investment in the Savan 1 Wind Power Plant and its connection to the national grid are essential, helping to increase the electricity supply for the national power system and gradually realizing the cooperation commitment between Vietnam and Laos, in line with the orientation of electricity import in the National Power Development Plan approved by the Prime Minister in Decision No. 500/QD-TTg dated May 15, 2023.
This will also be the largest onshore wind power project that T&T Group has invested in so far, helping to expand the Group’s investment portfolio to realize its goal that by 2035, the total installed capacity of renewable energy and low-carbon power plants is expected to reach approximately 12-15 GW, accounting for about 10% of the total installed capacity of the Vietnamese power system.
Also, within the framework of the event, Ms. Nguyen Thi Thanh Binh, Chairman of Savan 1 Wind Power One-Member Co., Ltd., and Mr. Pham Nhu Anh, CEO of Military Commercial Joint Stock Bank (MB), signed a capital arrangement agreement for the project, opening up strategic cooperation opportunities for T&T Group and MB Bank in the energy field. According to the agreement, MB Bank will be the lead bank committed to successfully arranging and allocating the entire financing package for the investor to implement the first phase of the Savan 1 Wind Power Project.
Currently, in the domestic market, T&T Group has put into operation ten wind and solar power projects in Ninh Thuan, Binh Thuan, Soc Trang, and Gia Lai provinces, with a total installed capacity and connection to the national grid of nearly 1,000 MW. In addition, T&T Group is also joint venturing with KOGAS, KOSPO, and HANWHA (South Korea) to implement the 1,500 MW LNG Hai Lang Power Project, with an investment of about $2.5 billion.
Not stopping there, to continue affirming its reputation as a leading energy investor in Vietnam, the Group of businessman Do Quang Hien has cooperated with many reputable enterprises worldwide to pioneer in Vietnam in such fields as: cooperating with SK Group (South Korea) to produce green hydrogen and invest in a carbon capture and energy complex in Quang Tri; collaborating with Erex Group (Japan) to research investment in biomass power plants; partnering with Marubeni Group (Japan) in offshore wind power in Vietnam; and cooperating with Cospowers and Goldwind (China) to research investing in a storage battery factory and developing an energy auxiliary industrial park.
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After entering the construction and operation phase, electricity from the Savan 1 Wind Power Project – the first wind power project of T&T Group in Laos – will be exported to Vietnam. This significant project not only contributes to ensuring Vietnam’s energy security but also strengthens the bond between these two neighboring countries.
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