Mitsubishi Corporation, a Japanese trading mogul, has invested in a humongous wind power plant project in Laos to generate electricity in Vietnam. This project has been dubbed as Southeast Asia’s biggest onshore wind power plant.
In a recent press release, Mitsubishi stated that the Southern Laos wind power farm will encompass a capacity of 600-megawatts. This wind power farm is the first of its kind in the country. The power plant will be established by Impact Energy Asia Development Limited (IEAD), a Hong-Kong based firm, from 2022. The operations will commence from 2025.
The onshore wind power plant project has been dubbed as the foremost cross-border electricity transmission via wind power. This endeavor is targeted at achieving the climate change goals whilst aiding economic activity.
Vietnam needs an excess power supply to support its developing economy, particularly during the dry season. During this season, the wind power plant is predicted to operate at a great rate to complement the existing hydropower generation, which is one of the country’s vital power resources. The inclusion of wind power will fulfill the electric needs of the country as the hydropower resources are limited, according to the Mitsubishi Corporation.
The firm has not yet disclosed the magnitude of investment. The Tokyo-based company stated that its subsidiary in Hong Kong possesses a stake of approximately 24% in the wind power plant project, with the balance of stakes possessed by Earth Power Investment Limited and BCPG Public Company Limited. The Earth Power Investment Limited and the BCPG Public Company Limited are the subsidiaries of Thailand-based companies.
Mitsubishi stated that the firm will constantly work towards building the ideal decarbonized society. The firm is set to explore this belief in Vietnam by supplying constant electricity and attending to the environmental challenges for a steady society.
This endeavor was followed by a declaration made in July 2021 by BCPG, that IEAD and Vietnam Electricity (one of the leading Vietnamese power firms) have officially settled on 25 years of electricity purchase from Mitsubishi.
Paradai Suebma, Chairwoman of the IEAD, stated that the authentication of the deal portrayed a symbolic collaboration between Thailand, Japan, Laos, and Vietnam to work towards the world’s target of net-zero carbon emissions.
The Mitsubishi project resonates with the memo, of comprehending power exchange, signed between the Lao and Vietnamese governments in 2016. The memo states that – by 2030, Vietnam will import 5,000 megawatts of electricity from Laos.
The Tokyo-based firm has brainstormed targets of accomplishing carbon neutrality in its business endeavors by 2050. The firm is also aiming at increasing the power capacity from renewable energy resources by the financial year of 2030.
About Mitsubishi Corporation
The Mitsubishi Corporation is a multinational business enterprise that operates and develops companies with a wide-ranging presence in around 90 regions and nations around the globe. The firm boasts a network of approximately 1,700 groups.
Mitsubishi has business enterprises that operate across a plethora of industries and sectors, namely – Industrial Materials, Natural Gas, Mineral Resources, Petroleum & Chemicals solutions, Automotive & Mobility, Industrial Infrastructure, Consumer Industry, Urban Development, Food Industry, and Power Solutions. Through these 10 enterprises, Mitsubishi’s business activities have seen an expansion that is beyond its regular trading operations. Operations include – production and manufacturing operations, working in partnership with firms across the globe, and project development.
Through steadfast commitment towards partners and clients, the Mitsubishi Corporation is fully devoted to evolving its existing businesses and contributing to an affluent society.