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Ireland's Mainstream Renewable signs deals for 940MW of wind projects in Vietnam

Published 08 November 2016

Mainstream Renewable Power has agreed to develop about 940MW of wind projects in Vietnam with local and international partners with an investment of more than $2.2bn.

The Irish firm will develop and operate the 800MW Phu Cuong wind farm in Soc Trang Province in partnership with GE Energy Financial Services and local company Phu Cuong Group.

The wind project will be developed in five phases for about $2bn.

The initial phase, with 150MW to 200MW, is anticipated to reach financial close in 2018.

Mainstream will also build the 83MW Thai Hoa and the 55MW Thai Phong wind farms in the Binh Thuan Province in partnership with Pacific Corporation, the original developer of the two projects.

These two projects will require a total investment of about $200m. The first phase of the scheme is expected to reach financial close in 2018.

The projects will offer a major boost to Vietnam's commitments under the Paris Agreement, which in 2015 saw the Government unveil plans to deliver 800MW of renewables capacity by 2020 and 6GW by 2030.

Mainstream said the deals mark its first large scale investments in Asia, after the establishment of gigawatt scale portfolios in South America and Africa.

Mainstream COO Andy Kinsella, said: “In terms of energy needs and requirements, Vietnam is one of the fastest growing markets in South East Asia.

“Through our global experience, Mainstream is well-equipped to deliver high quality, low-cost renewable energy thus assisting the Vietnam Government increasing its renewable energy usage by 2020 and beyond.

“Investing in Vietnam is very much aligned with our aim of developing large scale renewable energy projects in high-growth economies with significant demand for new-build power generation.”

Image: The signing of the cooperation deal in Vietnam. Photo: Courtesy of Mainstream Renewable Power.