LOS ANGELES & HANOI, Vietnam, Dec 08, 2008 (BUSINESS WIRE) -- Cavico Corp. ("Cavico" or "the Company") (CVIC:cavico corporation com News, chart, profile, more Last: 0.110.000.00%
2:39pm 12/08/2008
CVIC 0.11, 0.00, 0.0%) , a leading infrastructure development company in Vietnam, today announced that Cavico Transportation, its wholly owned subsidiary, has officially received permission from Lam Dong province's People Committee of the location to build a wind farm in this province.
In October of this year Cavico received approval from the officials of Lam Dong province to study and evaluate different areas in the province for possible wind farms. The province will use the results of these studies as part of its windpower planning. For its contribution to the studies, Cavico is given a priority to invest and participate in windpower projects in the province according to its financial capability. For a few years Cavico's management team has researched and identified a few potential sites for wind farm development along the country. And it has been found that the coastal areas of southern and south-central Vietnam, where the proposed site is located, show exceptional promise for wind energy. In this first phase, Cavico is studying the construction of a 30 megawatt (MW) wind farm, which will connect to the national grid upon completion. The feasibility study at the site is expected to be completed over a period of one year and will involve collection of wind data and detailed analysis to determine the scope and size of the wind turbines. Prior to the completion of the study, Cavico plans to begin construction of connecting roads and other site preparations. According to the Asian Development Bank (ADB), Vietnam's demand for electricity is growing at a rate of 16% each year. The growth and development of Vietnam is dependent on its ability to keep up with the growing energy demand. Cavico's strategic decision to enter into wind energy projects has therefore received encouragement from the Vietnamese government. "We are very pleased to announce our entry into the wind energy market. We believe it is the best time to enter this market because the Vietnamese government encourages investment and construction of clean energy projects and also considers providing special assistance and incentives on similar projects. Vietnam has more than 2,025 miles of coastline, which is very promising for wind energy development," commented Mr. Hung Manh Tran, executive vice president of Cavico. "This is the first wind farm project in the central western region of Vietnam. This environment-friendly project will be a great contribution in addressing the electricity shortage problems faced by Vietnam," Mr. Tran added.
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