Russia-based YnS-OCBM Co. has just signed a joint venture agreement with three enterprises in HCMC to manufacture equipments for wind power generators for export, a local partner said on Thursday.
Under the memorandum of understanding that was signed on Wednesday, the involved parties will establish a joint venture next month, said Dang Ngoc Hung, deputy director of Saigon Industry Corporation as a partner in the project. The other two local partners are HCMC Power Corporation and Neptech Co.
The Vietnam-Russia joint venture will have chartered capital of around VND5 billion in the first phase, in which Saigon Industry, YnS-OCBM, HCMC Power and Neptech have respective interests of 41%, 40%, 10% and 9%, he said.
The joint venture will first manufacture three windmills worth US$4.8 million using YnS technology of Russia to test its products before starting massive production. These three windmills will be installed in HCMC’s Can Gio District and in Binh Thuan Province’s Tuy Phong District.
After this trial period, the company will increase investment capital in the second phase, building plants to produce equipments such as poles and turbines, Hung added.
The YnS technology, recommended by the Russian firm, is said to be more cost-effective, with only US$1.6 million of investment required for a capacity of megawatt compared to US$3 million of technologies currently in use in Vietnam.
Currently, some 12 wind power projects under construction in Vietnam are using equipments imported from Germany, China, and the United States.
In related news, HCMC vice chairman Le Manh Ha on Thursday ordered relevant agencies to develop a program using green energy to protect the environment, focusing on programs to produce renewable energies this year and next.
HCMC has spent nearly VND2 trillion over the past five years on energy saving programs, which has helped reduce 2.5% of the city’s power consumption, equivalent to around VND700 billion, according to the HCMC Energy Conservation Center.
