SK Innovation E&S’s TPD Offshore Wind Farm (Image courtesy of SK Innovation E&S)
TIEN GIANG, Vietnam, May 19 — SK Innovation E&S is rapidly expanding its footprint in the global renewable energy sector, with its Tan Phu Dong (TPD) offshore wind farm in southern Vietnam now fully operational and serving as a strategic base for the company’s green energy ambitions.
Located near the Mekong Delta, the 150-megawatt facility is Vietnam’s first commercial-scale offshore wind project and the largest in the Tien Giang province. It features 36 turbines spaced 500 meters apart, each generating an average of 35 megawatt-hours per day—enough to power approximately 200,000 households annually based on last year’s output of 443 gigawatt-hours.
The power is sold to Vietnam’s state utility EVN under a long-term fixed-price contract, generating roughly 50 billion won ($37 million) in annual revenue. The project not only supports Vietnam’s clean energy goals but also provides SK Innovation with carbon credits estimated at 260,000 tons annually over a 15-year period—secured as part of the original investment agreement.
According to Kwon Ki-hyuk, head of SK Innovation E&S’s Vietnam office, the site’s strong and consistent coastal wind speeds—averaging 6 to 8 meters per second—make it ideal for renewable power generation. Despite being a near-shore project, it achieves a capacity factor similar to Korea’s offshore wind farms at around 34%.
SK’s investment in Vietnam aligns with the country’s ambitious renewable energy roadmap, which targets 36% of power generation from renewables by 2030 and 75% by 2050.
SK Innovation E&S’s TPD Offshore Wind Farm (Image courtesy of SK Innovation E&S)
The presence of RE100-committed multinationals such as Samsung, Apple, and Intel in Vietnam further bolsters demand for clean energy supply through Power Purchase Agreements (PPAs). Kwon indicated that the company is in active negotiations and expects its first PPA deal to materialize by the end of the year.
“Vietnam offers ideal conditions—favorable policies, growing demand, and reliable wind resources,” said Kwon. “Our offshore wind investment here is more than an asset acquisition; it’s a strategic foothold for SK Innovation’s global green energy expansion.”
With a current global pipeline of 1 gigawatt, SK Innovation E&S plans to double its capacity by 2030, extending operations into Southeast Asia, Eastern Europe, and North America. The TPD project will serve as a critical model for scaling offshore wind and establishing the company as a core player in the global clean energy transition.
“As Korea’s top private renewable energy firm, we intend to make renewables a cornerstone of SK Innovation’s diversified energy portfolio,” Kwon added. “Our mission is to lead global decarbonization efforts and become a trusted name in sustainable energy worldwide.”
M. H. Lee (mhlee@koreabizwire.com)
