Mainstream has agreed to develop almost 940MW of wind power capacity in Vietnam along with three partners for more than $2.2bn.
The Irish company 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, Vietnam’s largest to date, will be developed in five phases for about $2bn, Mainstream said.
The first phase, with 150MW to 200MW, is expected 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 Corp, the original developer of the two projects. The first phase of this scheme will reach financial close in 2018.
The agreements in Vietnam are Mainstream’s first large-scale investments in Asia, following the establishment of gigawatt-scale portfolios in South America and Africa.
“In terms of energy needs and requirements, Vietnam is one of the fastest growing markets in South East Asia,” Mainstream chief operating officer Andy Kinsella said.
“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.”
Image: Mainstream
Mainstream plans 940MW in Vietnam
$2.2bn agreement signed for three wind farms in south-east Asian country
By EBS