Ireland-based renewables developer Mainstream Renewable Power is partnering with GE Energy Financial Services to build and operate large-scale wind power plants in Vietnam.
Mainstream Renewable said that the deal will complement a memorandum of understanding (MoU) signed in May 2016 between GE and the Vietnam Ministry of Industry and Trade for installation of 1GW of wind capacity.
As part of the deal, GE will be responsible for providing funding and the technology for the wind power plants. Mainstream will bring in its experience in development, construction and operations.
The projects, which will include both greenfield and partially developed sites, will receive financing through a Mainstream and GE Energy Financial Services joint development agreement.
Mainstream Renewable Power COO Andy Kinsella said: “Delivering low-cost renewable energy in high-growth markets such as Vietnam is Mainstream’s key strategic focus.
“We have a strong track record as a leading developer in Africa and South America, we look forward to expanding our operations in Asia and working with GE to bring much needed power to Vietnam.”
Kinsella was reported by The Wall Street Journal as saying in an interview that GE and Mainstream plan to invest $1.5bn for the development of the wind projects in the country.
Vietman aims to increase its power output from 194–210 billion kWh in 2015 to 330–362 billion kWh in 2020.
Construction on the projects is scheduled to commence in 2018.