Vietnam in 11 Jul 2022 – GEIOS Technology, a global leader in geothermal energy solutions, is pleased to announce a groundbreaking joint venture agreement with the Wealth Power Group of Vietnam (WPC) for the development of a transformative geothermal project in Laos. This strategic partnership marks a significant milestone in the region’s pursuit of sustainable and renewable energy sources.
The joint venture agreement paves the way for the development of a state-of-the-art geothermal power plant in Laos, with a planned capacity to supply an impressive 1,000 MW of clean electricity to Vietnam by using nanotechnology new solution geogenic geothermal GEIOS. This substantial power generation capacity aligns with Vietnam’s Power Development Plan 8 (PDP8) agreement, which aims to diversify the country’s energy mix and enhance its energy security.
Through this agreement, the Lao government stands to receive an annual dividend of USD 613 million from the sale of renewable energy to Vietnam, contributing to the economic growth and development of Laos. This project is expected to create numerous job opportunities and play a crucial role in poverty reduction efforts in the region.
The geothermal project holds particular significance as it marks the first major foray into geothermal energy for both Laos and Vietnam. Although a smaller-scale EGS (Enhanced Geothermal System) project was previously planned in Vietnam, it was not pursued. Vietnam’s commitment to cutting greenhouse gas emissions, as stated in the COP21 UN Climate Change Conference in Paris, further underscores the country’s determination to embrace renewable energy alternatives.
“We are thrilled to partner with the Wealth Power Group of Vietnam on this groundbreaking geothermal project,” said Shad SERROUNE, spokesperson for GEIOS Technology. “This joint venture represents a significant step forward in our shared mission to foster sustainable development and combat climate change. By harnessing the immense geothermal potential of Laos, we will contribute to the energy security and clean energy goals of Vietnam.”
This strategic partnership highlights the commitment of both GEIOS and the Wealth Power Group of Vietnam to the region’s energy transition and the reduction of greenhouse gas emissions. By leveraging their combined expertise and resources, the joint venture aims to propel the geothermal energy sector forward and catalyze further investments in renewable energy across Southeast Asia.
“We are excited about the immense potential of this geothermal project and its positive impact on the economies and communities of Laos and Vietnam,”. “Through this partnership, we will unlock a new era of sustainable energy generation and demonstrate the viability and scalability of geothermal power in the region.”
The joint venture agreement between GEIOS and the Wealth Power Group of Vietnam represents a significant milestone in the development of geothermal energy in Southeast Asia. This collaboration not only contributes to the region’s energy security but also sets a new standard for sustainable and environmentally friendly power generation.
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About GEIOS Technology: GEIOS Technology is a global leader in geothermal energy solutions, committed to revolutionizing the energy industry through sustainable practices and cutting-edge technology. With a focus on innovation, reliability, and environmental responsibility, GEIOS Technology is driving the transition towards clean and renewable energy worldwide.
About Wealth Power Group of Vietnam (WPC): The Wealth Power Group of Vietnam is a prominent energy company dedicated to driving the development and deployment of clean energy solutions. WPC is committed to creating a sustainable future and promoting energy independence through the utilization of renewable energy sources.