The offshore wind project is anticipated to begin commercial operations by 2025/26.
Officials of Mainstream and AIT after the signing ceremony. (Credit: Mainstream Renewable Power.)
Mainstream Renewable Power (Mainstream), an Irish renewables company, has signed a joint development agreement with Advance Information Technologies (AIT) to co-develop a 500MW offshore wind project in Vietnam.
AIT is a Vietnamese company specialising in providing engineering, procurement and construction (EPC) services to power projects and also develops renewable energy projects.
Mainstream and AIT will develop the offshore wind farm in Ben Tre Province in the country.
The offshore wind project received a requisite site survey licence earlier this year. Since then, feasibility study had been completed and a Power Development Plan (PDP) application was submitted to Vietnam’s Ministry of Industry and Trade.
Mainstream Asia Pacific CEO 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.”
Construction on the offshore project could start by 2023/24
It is expected that the project could reach financial close and see the start of construction by 2023/24.
The project is anticipated to begin commercial operations by 2025/26.
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.”
Last month, Mainstream closed $280m in financing from AMP Capital for the construction of the 1.3GW Andes Renovables wind and solar platform in Chile.