The Irish company has partnered with GE Energy Financial Services and local company Phu Cuong Group to build and operate the 800MW Phu Cuong wind farm in Soc Trang Province.
Expected to cost approximately $2bn, the wind project is planned to be build in five phases with the initial phase of 150MW to 200MW capaicty planned to reach financial close in 2018.
Additionally, Mainstream will team up with Pacific Corporation to build the 83MW Thai Hoa and the 55MW Thai Phong wind farms in the Binh Thuan Province with an investment of $200m.
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.”
The proposed projects are expected to contribute to country’s goal to deliver 800MW of renewables capacity by 2020 and 6GW by 2030.
The renewable energy target was set as part of the government’s commitments under the COP 21 agreement signed Paris, France in 2015.
Image: Officials during the signing of the cooperation deal in Vietnam. Photo: courtesy of Mainstream Renewable Power.
