Copenhagen Infrastructure Partners K/S is planning to develop a 3.5-GW offshore wind project off the coast of Binh Thuan, Vietnam.

The proposed La Gan project is estimated to cost up to US$10 billion. When completed, it will become one of the first large-scale offshore wind projects in Vietnam, the Danish investment firm said in a July 22 news release.

Copenhagen Infrastructure Partners, or CIP, and its partners Asiapetro and Novasia signed a memorandum of understanding with the Binh Thuan province to develop the project. The MOU was signed at the Vietnam Energy Summit 2020.

The project partners are preparing a final investment decision after inclusion of the project into the Power Development Plan of Vietnam.

CIP announced in June reached the €1.5 billion first financial close of its Copenhagen Infrastructure 4 fund, which is looking to invest between €10 billion and €14 billion in greenfield renewable energy infrastructure across North America, Western Europe, developed Asia and Australia.

The firm has currently made more than 20 investments in large-scale energy infrastructure assets totaling almost 8 GW in capacity across the U.S., the U.K., Germany, Spain and Taiwan, according to the release.