Dublin-based Mainstream Renewable Power, majority-owned by investment company Aker Horizons, has received a decision on investment and an investment registration certificate from the Soc Trang province, for the first 200 MW phase of the Phu Cuong Soc Trang wind farm off Vietnam, moving one step closer to financial close expected in 2022.
The offshore wind project, which is being developed as a joint venture between Mainstream 70% and the Phu Cuong Group 30%, will be the largest offshore wind farm in Southeast Asia when completed, with a capacity of up to 1.4 GW. It will generate enough electricity to power over 1.6m homes, as well as mitigate 1.8m tonnes of CO2 emissions each year.
The project follows a multi-stage development approach, with 200 MW of capacity set to be delivered in phase one and the remaining 1.2 GW to be developed thereafter. The first power is anticipated for 2023. “Today’s announcement represents a significant milestone for Mainstream’s presence in Vietnam. The project has already completed its wind measurement campaign and other site studies, and the procurement process to secure a wind turbine supplier and balance of plant contractor is well advanced,” the company said in a statement.
Moving forward, Mainstream said it will work closely with EVN, Vietnam’s national electricity company, to finalise the grid connection agreement, as well as the project’s power purchase agreement. Mainstream has been present in Vietnam since 2016, where it is developing 2.3 GW of solar and offshore wind assets.
