(VOVworld) - The Ninh Thuan provincial People’s Committee and Timar Wind Solar Energy Malaysia have signed a memorandum of understanding (MoU) on investment cooperation. Under the MoU, Timar will invest in development of new technology in the renewable energy sector in Ninh Thuan, with a total capital of 800 million USD. It is expected to begin work this year. Timar owns a new wind power technology using a vertical axis wind turbine known as Maglev, an advanced green energy technology. Maglev Turbines have a power generating capacity 20 percent higher than a traditional turbine, a life span of 50 years, and can save more than 50 percent in operational costs. Timar said it plans to invest in two assembly plants in Vietnam.