Collaboration for offshore wind power project in Vietnam

According to this Memorandum of Understanding signed on April 25, PTSC and RENOVA, INC. ('RENOVA') will establish collaboration in offshore wind power project development, preparation, survey, development, construction, construction, operation, and maintenance in Vietnam, toward commercialization goals.

The signing ceremony was conducted according to a special ceremony at the Public-Private Forum of the Asia Green Growth Partnership Ministerial Meeting (AGGPM) organized by the Government of Japan as action The initiative to support the energy transition in Asia under the Asian Energy Transition Initiative (AETI) of the Japanese Government that was announced in May 2021.

Mr. Le Manh Cuong, General Director of PTSC and Mr. Yosuke Kiminami, Founding Chairman and CEO of RENOVA, participated in the online signing ceremony.

Mr. Yosuke Kiminami said in the ceremony: “I am delighted by our close partnership with PTSC. It is an enterprise with advanced technology for offshore construction in Vietnam, where the renewable energy industry is expected to continue to grow. RENOVA will make more efforts in decarbonization in collaboration with Vietnam's Government, the provincial government, partner companies, and local people."

Mr. Le Manh Cuong, General Director of PTSC, also shared: “Building a partnership with RENOVA is a great encouragement. It is a company with expertise in developing renewable energy projects, both technical and financial. We will work with RENOVA towards the commercialization goal of the offshore wind power project in Vietnam."

With the signing of a Memorandum of Understanding with RENOVA on collaboration in implementing the offshore wind power project in Vietnam, PTSC is taking concrete steps to realize its development policy towards shifting investment and providing services to green energy under the development strategy and business lines approved by the General Meeting of Shareholders on December 29, 2021.

Participation in investment and development of the offshore wind power project will be the final link to complete the value chain of a professional wind power project, including survey, design, manufacture, installation, operation, maintenance, contributing to diversifying production and business activities of PTSC when the life cycle of an offshore wind power project lasts from 15 - 20 years as well as generating revenue and stable jobs for PTSC for a long time in the context of the decline of new domestic and regional oil and gas projects.

RENOVA, Inc. was founded in 2000 with headquarters in Japan. It is an independent renewable energy developer and manufacturer that owns and operates solar, biomass, wind, and geothermal electricity plants. At the end of 2021, RENOVA's three wind power projects in Quang Tri province were officially put into commercial operation.

RENOVA’s goal is to become Asia’s leader in renewable energy. With its founding roots in environmental consulting, RENOVA has undertaken well over 1,000 environmental consulting projects and possesses in-depth knowledge and a broad network in the renewable energy sector. RENOVA’s industry-leading portfolio of large-scale solar PV plants in Japan totals 270MW*1, and the Company intends to expand the generation portfolio in biomass, offshore and onshore wind, and geothermal to further cement our position as an industry leader.