Mainstream Renewable Power Secures Investment Decision from Provincial Government for Flagship Offshore Wind Project in Vietnam

In a vital step for the Phu Cuong Soc Trang Offshore Wind Farm, Mainstream Renewable Power ("Mainstream") today announces its receipt of a Decision on Investment and an Investment Registration Certification (IRC) from the provincial government of Soc Trang for the first 200 MW of the offshore wind farm. The project, once fully complete, will have a capacity of up to 1.4 GW and will generate enough electricity to power over 1.6 million homes, as well as mitigating 1.8 million tonnes of carbon dioxide emissions each year.

The project is anticipated to reach financial close in 2022, enabling first power to commence as early as 2023.

The wind farm is a joint venture between Mainstream and its Vietnamese partner the Phu Cuong Group, with Mainstream owning 70% of the asset and the Phu Cuong Group owning the remaining 30%.

The project follows a multi-stage development approach, with 200 MW of capacity set to be delivered in phase 1 and the remaining 1,200MW to be developed thereafter. 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.  

Moving forward, Mainstream 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 (PPA).

Mainstream has been present in Vietnam since 2016 where it is developing 2.3 GW of solar and offshore wind assets.