Mainstream signs up to $2.2bn wind power deal in Vietnam

Ireland’s Mainstream Renewable Power has agreed to build and operate wind projects in Vietnam worth a total of over $2.2bn.

Vietnam is attempting to adapt to the international climate accord reached at Paris at COP21 and hosted Irish president Michael D Higgins and Mainstream officials at the signing of an agreement to develop three wind farms providing 940 MW of power The agreement was signed at a ceremony at the Presidential Palace in Hanoi yesterday attended by Irish President Michael D. Higgins and Vietnamese President Trần Đại Quang for the south east Asian nation.

Vietnam's electricity demand is expected to grow 10.6 per cent annually in the next five years, according to its trade ministry.

Mainstream will partner with GE Energy Financial Services and local firm Phu Cuong Group in its main Vietnam project, an 800 MW wind farm worth $2bn. The first phase of the project, for 150-200 MW, is expected to reach financial close in 2018, it said.

Mainstream will separately partner with Vietnam's Pacific Corporation in two other projects in the southern province of Binh Thuan, with a combined 138 MW in capacity and $200m investment, the statement said.

The first phase of these projects is also likely to reach financial close in 2018.

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