Queen Capital Finance signed MoU to jointly develop 560MW of wind farms in Vietnam

The premier Asia-focused independent private equity investment firm, Queen Capital International Limited, signed an MoU with Lee&Lee JSC and Thien Phu Energy Investment JSC for the joint development of two wind farms with a total installed capacity of up to 560MW.

The proposed joint venture will be the largest undertaking for wind energy in the Mekong Delta at a cost of up to $1.055 billion and consisting of a 430MW nearshore wind farm and a 130MW onshore wind farm.

Project development is divided into two phases with the first 60MW scheduled for the commercial operation date by the end of 2021. Queen Capital Finance has committed to providing up to $120-150 million in equity and mezzanine financing for Phase 1 of 60MW as well as leading funds mobilisation for the 500MW Phase 2, projected to commence development in early 2022.

Upon completion, the 560MW wind farms will generate 1,711GWh of electricity per annum and create over 200 local jobs and over VND400 billion ($17.39 million)annual tax contribution, thereby significantly contributing to Ben Tre province’s social and economic development.

This movement will accelerate Queen Capital Finance’s plans for deepened platform capabilities and increased international expansion.

Queen Capital Finance is a pioneer in private investment in technology-enabled industries and financial services in Asia and through providing capital for expansion and mergers and acquisitions for both private and public companies. By 2020, Queen Capital Finance’s total investment portfolio is close to more than $5 billion. Queen Capital Finance’s investment strategy is to invest in real estate, financial services, energy, and infrastructure projects that can yield long-term capital gains and short-term stable dividends.

Meanwhile, Lee&Lee and Thien Phu Energy aim to develop a 1,000+MW integrated renewable energy cluster in Ben Tre province by the end of 2023 characterised by a collaborative network of transmission infrastructure, energy storage, and smart-grid technologies. The first-of-its-kind renewable energy cluster promises to help Vietnam address chronic electricity shortages whilst reducing its reliance on coal-fired power plants in keeping with Vietnam’s COP25 commitments.

Lee&Lee and Thien Phu Energy’s bold vision is in line with the Vietnamese government’s increased emphasis on renewable energy, targeting additional 6,000+MW by 2025 and additional 18,000+MW by 2030.


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