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Irish interest helping transition to renewable energy

Released at: 16:40, 22/11/2019

Irish interest helping transition to renewable energy

Photo: Viet Tuan

Mainstream Renewable Power boosts investment in wind energy projects in Vietnam.

by Minh Do

Vice President of Vietnam Dang Thi Ngoc Thinh welcomed the interest of Mainstream Renewable Power in investing in the country’s transition to renewable energy at a meeting with Group Chief Executive Mr. Andy Kinsella on November 19 in Hanoi.

Ms. Thinh emphasized that electricity generation and supply is among the crucial factors in Vietnam’s sustainable development.

Commenting on the feasibility of the company’s Phu Cuong Soc Trang project in the Mekong Delta, she expressed a hope that the 800MW offshore wind farm will operate smoothly and promote the country’s investment environment.

Mainstream and Vietnam’s the Phu Cuong Group have signed a $2 billion cooperation agreement to develop, build, and operate Vietnam’s first - and Southeast Asia’s largest - offshore wind farm.

Affirming Mainstream’s experience in the energy field, Ambassador of Ireland in Vietnam H.E John McCullagh told the meeting that the partnership will help the country diversify its energy mix and address the impacts of climate change while also delivering affordable prices to consumers.

Mr. Kinsella explained how, working with the Ministry of Industry and Trade and 12 other ministries and government agencies, the Soc Trang project has progressed through the stages of surveying and studying its socioeconomic impact.

He voiced a hope that the wind farm will soon be providing clean and affordable energy for Vietnam at scale.

The Ireland-based company signed agreements on three wind farms with a combined capacity of 940MW in early November. The project 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 term sheet signed in September, which foresees them building 1GW of wind farms in Vietnam.

The first phase of the 150-200MW Phu Cuong project was expected to reach a financial close in 2018. The other two projects - the Thai Hoa Wind Farm (83MW) and the Thai Phong Wind Farm (55MW) in south-central Binh Thuan province - have a combined investment of some $200 million. Mainstream will acquire a share of the projects together with the Pacific Corporation, the original developer.

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