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Mainstream, GE partner to develop 1GW of wind projects in Vietnam

CTBR Staff Writer Published 29 September 2016

Mainstream Renewable Power and GE Energy Financial Services have signed an agreement to develop, build and operate $1.5bn of wind farm projects in Vietnam.

Details of the projects including the locations and number of farms and their capacities have not been revealed yet.

The projects are expected to have both greenfield and partially developed sites. 

They be financed through an agreement between Mainstream and GE Energy Financial Services. GE will also provide the technology for the projects.

The agreement comes in the wake of another agreement that GE had signed with the Vietnam Ministry of Industry and Trade in May this year.

Objective of the agreement is to accelerate the installation of wind power projects in the country.

Mainstream Renewable Power chief operating officer Andy Kinsella said: “Delivering low-cost renewable energy in high-growth markets such as Vietnam is Mainstream’s key strategic focus.

“We have a strong track record as a leading developer in Africa and South America, we look forward to expanding our operations in Asia and working with GE to bring much needed power to Vietnam.”

Both GE and Mainstream are looking to leverage on each other’s capabilities to help Vietnam achieve its 2020 renewable energy target.

GE Energy Financial Services managing director and global development leader John Bottomley said: “EFS engages in strategic co-development opportunities with select GE customers and in countries where GE’s capital, technology and industrial presence can be leveraged to add real tangible value – we call this the GE Store approach.”

Vietnam foresees its power demand to grow to 330-362 billion kWh in 2020 compared to the consumed power of 194-210 billion kWh last year.

Vietnam’s Sustainable Development Strategy 2011-2020 had come to a conclusion that the country needed clean and renewable energy to be developed on a priority basis to sustain its economy.

Image : Mainstream Renewable Power and GE Energy Financial Services to develop wind farm projects in Vietnam. Photo: Courtesy of dan/FreeDigitalPhotos.net.