Research on Risk Assessment of Vietnam EPC Wind Power Projects based on Fuzzy Analytic Hierarchy Process

Abstract

 In the context of burgeoning renewable energy initiatives worldwide, wind power projects have emerged as pivotal players in the realm of clean energy. This is particularly pronounced in emerging markets like Vietnam, where rapid economic growth and escalating energy demands have spurred a surge in wind power endeavors. Focusing on the risk landscape of Engineering, Procurement, and Construction (EPC) wind power projects in Vietnam, this study endeavors to pinpoint and evaluate key risk factors impacting project execution while proposing tailored risk mitigation strategies. Through exhaustive literature reviews and consultations with industry experts, 18 principal risk factors spanning policy, social dynamics, natural conditions, and construction management were identified. Through the Fuzzy Analytic Hierarchy Process (FAHP) for quantitative evaluation, the study quantifies the impact of risk factors, ultimately determining a moderate overall risk level for a selected 130MW onshore wind farm project in Vietnam. Subsequent to risk assessment, the study advocates for a suite of responsive measures aimed at guiding project management teams in navigating operational challenges, encompassing strategies like enhanced stakeholder communication, financial risk hedging, shared risk allocation, and fortified contract management.