TOKYO (BLOOMBERG) - The Blue Circle, a Singapore-based wind energy developer, has received an investment certificate from Vietnamese authorities for its 40-megawatt project in Ninh Thuan province, south Vietnam.

The certificate to the Blue Circle and its Vietnamese partner, TSV, opens the process to sign a long-term lease and power purchase agreement with EVN, the national power utility, the Blue Circle said in an e-mailed statement.

The site, along the Highway One, has a potential for a total capacity of 70 megawatts to 100 megawatts, the developer said.

Construction is scheduled to start in 2017 for the first phase, according to the statement. Total investment for the initial phase is expected to reach US$60 million.

In accordance with the Paris Climate Conference signature, the Vietnam Prime Minister has set a new target of 4,000 MW for wind power capacity by 2025 which positions the country as potentially the largest market for wind power in Southeast Asia, Greentech Lead reported on its website.