USAID INVEST seeks to catalyze private sector financing in the energy, health, and economic growth sectors. To facilitate research and investment in innovative renewable energy technology, INVEST is supporting Ingine Pacific, the Vietnamese subsidiary of INGINE, a wave power generation system developer, to conduct an environmental and social impact assessment for INGINE's wave power plant in Ly Son island, Quang Ngai.
This support will also include a learning report and gap analysis between Vietnamese and international environmental standards. These efforts assist INGINE and other developers in understanding the application of international standards for the benefit of commercially financed wave energy project development in Vietnam. Vietnam boasts 3,000 km of coastlines and more than 3,000 islands and archipelagos, making wave power a potential prime energy source for the country’s energy transition. In addition, wave energy conversion has been designated by the Prime Minister as a prioritized technology for investment in Vietnam.
With support from USAID, INGINE’s wave power research project will give a boost to the promising future of wave energy in Vietnam and help Vietnam advance renewable energy development and energy independence.
