Malaysia alternative energy developer, Timar Wind Solar Sdn Bhd, will make an investments of $800m for a development of a huge wind energy industry in Vietnam, according to an agreement signed on May 14th 2012. The developer stated that they will construct a wind farm using Maglev (magnetic levitation) vertical axis wind turbines.
Maglev Turbines are claimed to be 20 percent more efficient, have life span of 50 years and can save more than 50 percent in operational costs. Timar claimed that their investment of two assembly plants in Vietnam in the future will help the country decrease the price of this product.
Under the memorandum of understanding (MoU), the company will develop a wind farm and power plant by utilizing the up-to-date Maglev or vertical axis turbines by late 2012 to meet local demand.
According to the deputy chief of the Provincial People’s Committee Secretariat, Nguyen Van Nhat, the project will help light major streets and also provide sufficient electricity for service sector and industry.
The group also pledged capital and technological assistance for cooperation projects in this area between Ninh Thuan and Timar.
“With a capacity of 1,000MW, each group of Maglevs will have a capacity 20 per cent higher than traditional turbines capable of supplying electricity to 750,000 households at an estimated cost of $52 million, reducing pollution by eliminating the dependency on fossil fuelled power plants,” said Nguyen Duc Thanh, chairman of the provincial People’s Committee.
Thanh added that such advanced technology will help save around 50 percent in operating costs.