Malaysia wind energy corporation Timar signed an investment of around US$800 million to develop wind power facilities in Vietnam south central coastal province of Ninh Thuan on Tuesday.
Timar Wind Solar Energy has invented the world's first maglev wind turbine, which has a generation capacity 20 percent higher than traditional wind turbines, while saving more than 50 percent of operation costs.
The turbines can be used for 500 years, the company said in a meeting with the province government at a conference Tuesday.
It costs US$52 million to install a 1,000 megawatt maglev turbine complex that can serve the electricity demand of 750,000 houses.
The project is planned to start this year.