PR93009

DUBLIN, Nov. 12, 2021 /PRNewswire=KYODO JBN/ --

- The 1.4 GW Phu Cuong Soc Trang offshore wind project, being developed as a

joint venture between Mainstream Renewable Power and the Phu Cuong Group, is

located off the southern coast of Vietnam and will be the largest offshore wind

farm in South-East Asia

- The first 200 MW of the project has received a Decision on Investment and an

Investment Registration Certificate (IRC) from the Soc Trang Province,

representing a significant step towards financial close, expected in 2022

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.

Cameron Smith, Mainstream's General Manager for APAC, said:

"We are excited to be a part of Vietnam's energy transition with the Phu Cuong

Soc Trang project, which is being developed to the highest international

standards, drawing on Mainstream's extensive experience. Being leaders in

renewable development in many countries, we understand the importance of

community engagement, and we are pleased to have had such positive support from

the Soc Trang community.

"We commend the government for the progress made in encouraging the development

of renewable energy in Vietnam to date. The Phu Cuong Soc Trang project

promises to be a catalyst for the development of a true offshore wind industry

of a scale that will promote the achievement of net zero by 2050."

Mr Nguyen Viet Cuong, Chairman of the Phu Cuong Group, said:

"The Phu Cuong Soc Trang offshore wind farm is an essential investment in

Vietnam's clean energy infrastructure and will make a major contribution

towards the country's carbon neutrality roadmap. This wind farm, which will be

the largest in the region, will play a key role in accelerating the development

of Vietnam's economy by promoting the growth of industrialization. The

government's supportive policies to promote renewable energy are important for

promoting foreign direct investment in co-operation with Vietnamese partners."

Contact:

Emmet Curley, Head of Communications & Positioning

Phone: +353-86-2411-690

Email: emmet.curley@mainstreamrp.com  

Caroline Cutler | Ojasvi Goel, FTI Consulting

Phone: +44-20-3727-1000

Email: mainstreamRP@fticonsulting.com

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company with

a global footprint. The company is focused on expanding its high-quality

pipeline of more than 16.2 Gigawatts (GW) of wind and solar assets across Latin

America, Africa, Asia Pacific as well as the global offshore wind sector. In

May 2021, it closed an agreement for Aker Horizons to take a 75% equity stake

in the company, enabling Mainstream to accelerate its global expansion plan.  

Mainstream has delivered more than 6.5 GW of wind and solar assets to financial

close-ready, and currently has over 1.4 GW (net) in construction across Latin

America and Africa. In Chile, Mainstream's wholly-owned 1.35 GW "Andes

Renovables Platform" of fully contracted wind and solar assets are on track to

complete construction from later this year. In South Africa, the company has

delivered 850 MW of wind and solar assets into commercial operation, and in

October 2021, twelve of its wind and solar projects won preferred bidder status

in Round 5 of South Africa's Renewable Energy Procurement Programme. Through

its Lekela Power joint venture the company has 410 MW of wind assets in

construction in Senegal and Egypt.    

Mainstream is one of the most successful pure-play developers of offshore wind

at scale globally.  It has successfully consented Hornsea One (1.2 GW), the

largest operational offshore wind plant in the world today; and developed the

Hornsea 2 project (1.4 GW) before selling these projects and the entire Zone in

2015. Overall, it has developed and consented 20% of the UK's offshore wind

capacity either in operation or under construction.  Mainstream fully consented

the Neart na Gaoithe offshore wind project in Scotland, 450 MW, currently under

construction. The company's Soc Trang 1.4 GW offshore wind development in

Vietnam is one of South-East Asia's largest renewable energy developments.  

Mainstream has raised more than EUR3.0bn in project finance to date and employs

more than 420 staff across five continents.

www.mainstreamrp.com

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SOURCE: Mainstream Renewable Power