VNEconomyNews.com - Malaysia’s Timar Wind Solar Energy Group will invest US$800 million in developing the wind power industry in the south-central province of Ninh Thuan.
A Memorandum of Understanding on the investment cooperation project was signed at a seminar on introducing and applying advanced wind power technology in Ninh Thuan, held on May 14.
The seminar aims to analyze the effectiveness of new wind power technology and attract financial support towards boosting cooperation between Ninh Thuan and Timar in transferring technology and building equipment manufacturing plants.
Timar owns a new wind power technology using a vertical axis wind turbine known as Maglev, an advanced green energy technology. Maglev Turbines have a power generating capacity 20 percent higher than a traditional turbine, a life span of 50 years and can save more than 50 percent in operational costs.
Timar said it plans to invest in two assembly plants in Vietnam in the future to help the country reduce the price of this product.
The group also pledged capital and technological assistance for cooperation projects in this field between Ninh Thuan and Timar.
Chairman of the Ninh Thuan provincial People’s Committee Nguyen Duc Thanh said his province will create the best possible conditions for Timar to finalize all legal procedures for the project.