Irish renewable project developer Mainstream Renewable Power will develop, build and operate three wind projects with a combined capacity of approximately 940 MW in Vietnam, in partnership with local and international developers.
Mainstream and GE Energy Financial Services will invest around US$2bn in the construction of the 800 MW Phu Cuong wind project in the Soc Trang Province in Vietnam, developed with local partner Phu Cuong Group, which will remain involved in the project and its five development phases. The first phase of 150-200 MW is expected to reach financial close in 2018.
Two additional wind projects are planned in the Binh Thuan Province, namely the 83 MW Thai Hoa wind park and the 55 MW Thai Phong wind park. Total investment is estimated at US$200m. Mainstream will acquire a share of the projects together with Pacific Corporation, the original developer. The first phase of this project is anticipated to reach financial close in 2018.
In May 2016, Vietnam released a new Renewable Energy Development Strategy to 2030. Renewable power generation should cover 7% of total generation in 2020 and 10% in 2030. Under its Power Master Plan VII, Vietnam aims to raise its power generation from 194-20 TWh in 2015 to 330-632 TWh in 2020, with renewable energy sources contributing to this increase.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.