REE's 200 MW Can Tho Wind Project: Envision to Supply 25 Turbines

Overview

REE (HOSE: REE) has selected China’s Envision Energy to supply 25 wind turbines for the 200 MW Phu Cuong 1A/1B near-shore wind project in Can Tho. The deal, reported by Renewables Now on August 3, marks Envision’s largest wind project in Vietnam and its biggest overseas near-shore wind venture. The project is slated for completion in 2027, with first turbine deliveries beginning in Q2/2027.

Key Facts

• Envision Energy will supply 25 EN-226/8.X YE turbines for the 200 MW Phu Cuong 1A/1B project.
• First turbine deliveries are scheduled for Q2/2027.
• Total investment for the project is approximately VND 9,139 billion.
• The project is expected to be completed in 2027 and contribute about VND 200 billion annually to Can Tho’s budget from 2028.
• This is the second collaboration between REE and Envision; the first was for the 128 MW Vinh Long wind project.
• Envision is among the top five global wind turbine suppliers, with 4.2 GW installed outside mainland China in 2025.
• REE’s stock closed at VND 48,400 on August 3, 2026.

What Happened

On August 3, Envision Energy announced it would supply 25 wind turbines for the Phu Cuong 1A and 1B near-shore wind project, developed by REE Energy, a subsidiary of REE Corporation. The announcement was carried by Renewables Now, a global renewable energy industry news outlet. The turbines, model EN-226/8.X YE, are designed for low-to-moderate wind conditions typical of Vietnam’s coastal regions and Southeast Asia.

Nguyễn Thị Mai Thanh, Chairwoman of REE and REE Energy, stated that the project, which broke ground in May 2026, targets completion in 2027. From 2028, it is expected to contribute approximately VND 200 billion annually to Can Tho’s city budget. The project is Envision’s largest wind project in Vietnam and its largest overseas near-shore wind project to date.

Market Context

REE’s stock closed at VND 48,400 on August 3, 2026, reflecting stable performance amid Vietnam’s growing renewable energy sector. The Phu Cuong project aligns with Vietnam’s push to expand wind capacity, particularly near-shore developments. REE, listed on HOSE, has been diversifying into renewable energy, with this project strengthening its portfolio. The partnership with Envision, a top-tier Chinese turbine maker, underscores the increasing role of Chinese suppliers in Vietnam’s wind market, though global leaders like Vestas still dominate non-Chinese installations.

Strategic Significance

For long-term investors, this contract win reinforces REE’s strategic pivot toward renewable energy, a key growth area in Vietnam’s power development plan. The Phu Cuong project is expected to provide stable cash flows from 2028, contributing to REE’s earnings diversification beyond its traditional electrical and mechanical services. The collaboration with Envision also signals REE’s ability to secure competitive turbine supply, potentially lowering project costs. However, reliance on Chinese technology may raise concerns about supply chain resilience and regulatory scrutiny, which investors should monitor.

What to Watch

• Progress on turbine deliveries and project construction milestones through 2027.
• REE’s quarterly earnings reports to assess financial impact of the project’s capital expenditure.
• Any regulatory changes affecting near-shore wind projects in Vietnam.
• Envision’s execution track record in Vietnam, especially on the Vinh Long project.
• Updates on grid connection and power purchase agreements for the Phu Cuong project.