Mainstream Renewable Power has signed an agreement with Vietnamese company Advance Information Technologies Corporation (AIT) to co-develop a 500MW offshore wind farm off the coast of Ben Tre province in Vietnam.
The project received a site survey license earlier this year, and has conducted a feasibility study.
A power development plan (PDP) application has been submitted to Vietnam’s Ministry of Industry and Trade with a view to the project being included in the Vietnam Government’s forthcoming national PDP period 2021-2030.
Mainstream said the project is expected to reach financial close and start construction by 2023-2024 and reach commercial operation by 2025-2026.
Mainstream Asia Pacific chief executive Ram Natarajan said: “Mainstream recognises the great potential of offshore wind in Vietnam as well as the ambition of the Vietnamese Government to develop a sustainable green economy.
“Mainstream is delighted to be working with a strong and reliable partner in AIT to develop the Ben Tre project to the best international standards, supplying much needed renewable energy capacity to the country’s fast-growing economy.
“The JV has the potential to expand and will also look to develop further wind and solar projects in Vietnam in the near future.”
AIT chairman Hoang Thanh Hai said: “AIT has nearly 20 years of experience working in the energy sector in Vietnam both as EPC contractor as well as renewable energy investor.
“AIT is honoured to be working with a leading global renewable energy investor such as Mainstream.
“We believe that our knowledge of the market together with Mainstream’s international expertise will be a perfect combination to bring the Ben Tre project, as well as other wind and solar projects, to success.”