Independent global renewable energy developer Mainstream Renewable Power has signed an agreement for three wind farms in Vietnam which together amount to a combined capacity of 940 MW.
While we have not heard as much from Mainstream Renewable Power as we have other renewable energy developers over the last few years, the company has nevertheless been an active competitor in the global renewable energy sector. The company has almost 10,000 MW worth of renewable energy in development worldwide, and nearly 700 MW already constructed and in operation. Earlier this year we reported that the company was the beneficiary of a $117.5 million investment deal involving the Rockefeller Brothers Fund. Mainstream also won a significant portion of an electricity supply auction in Chile back in August.
Announced on Monday, Mainstream announced that it would develop, build, and operate alongside local and international developers three wind projects in Vietnam, which upon completion will have a combined total capacity of 940 MW.
The three projects involved in the deal are the 83 MW Thai Hoa Wind Farm and the 55 MW Thai Phong Wind Farm, both located in the Binh Thuan Province of Vietnam, and the mammoth 800 MW Phu Cuong Wind Farm, a project that Mainstream will develop in partnership with GE Energy Financial Services. The two smaller projects will benefit from investment of $200 million, and Mainstream will acquire a share of the projects together with Pacific Corporation, the original developer.
The much larger 800 MW Phu Cuong Wind Farm will see Mainstream and GE Energy Financial Services jointly acquire shares in the project as part of a term sheet that was signed back in September. Investment for the project will amount to around $2 billion, with the first 150 MW-200 MW phase expected to reach financial close in 2018.
“In terms of energy needs and requirements, Vietnam is one of the fastest growing markets in South East Asia,” explained Andy Kinsella, Mainstream’s Chief Operating Officer. “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.”