Mainstream Renewable Power secures investment decision from Provincial Government for flagship offshore wind project in Vietnam
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
Logo:
https://mma.prnewswire.com/media/686512/Mainstream_Renewable_Power_Logo.jpg
SOURCE: Mainstream Renewable Power
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