Along with local and international developers, Ireland-based Mainstream Renewable Power has signed an agreement to develop, build and operate three wind projects with a combined capacity of approximately 940 MW in Vietnam.
The 800 MW Phu Cuong Wind Farm will be executed in partnership with GE Energy Financial Services. Both Mainstream and GE Energy Financial Services have agreed to jointly acquire a share in the project as part of a recently signed term sheet that foresees them building 1 GW of wind farms in Vietnam.
The project is being developed with local partner Phu Cuong Group, which will remain involved in the project and its five development phases. The Phu Cuong project is located in the Soc Trang Province. The first phase – 150 MW to 200 MW – is expected to reach financial close in 2018.
The Thai Hoa Wind Farm (83 MW) and the Thai Phong Wind Farm (55 MW) are located in the Binh Thuan Province. Mainstream will acquire a share of the projects with Pacific Corp., the original developer.
“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,” said Andy Kinsella, Mainstream’s chief operating officer.