Mainstream Renewable Power is to acquire an 80% shareholding in Vietnamese outfit Technology and Development Joint Stock Company, which has a 405MW portfolio of solar projects in the Dak Nong province of central Vietnam.
The portfolio of three projects, which is included in the Vietnam Government’s Power Development Plan 7, has been in development since 2019 and is expected to reach financial close in 2022.
Mainstream general manager for the APAC region Cameron Smith said: “We are delighted to have signed this agreement with D&T to bring 405MW of solar assets to financial close next year.
“This deal further bolsters our position in Vietnam, which is internationally recognised as one of the countries leading the way in solar energy deployment in this region.
“We have been present in Vietnam since 2016 and play a key role in enabling its energy transition – with over 2.3GW of solar and offshore wind projects now in the pipeline.”
This deal marks the latest indication of Mainstream’s role as an enabler of renewable electrification in Vietnam.
In 2020 it signed an agreement with Vietnamese partner AIT to develop a 500MW offshore wind farm in Ben Tre, and, in 2017, a deal with Phu Cuong Group to develop the 1.4GW Phu Cuong Soc Trang offshore wind farm.