Mainstream to build Vietnam's largest project

Mainstream to build Vietnam's largest project

Mainstream Renewable Power has signed a deal to build 940MW of new wind
capacity in Vietnam, including what will become the country's largest
project.

Mainstream will develop three projects in partnership with local developers.
This marks the first investment in Asia for the Irish firm.

The 800MW Phu Cuong project will cost $2 billion. The first 150-200MW phase
is expected to reach financial close in 2018, Mainstream said. Phu Cuong
will be installed in the Soc Trang province in south Vietnam.

The 800MW site will be the first to be backed by the Mainstream and GE
Financial Services partnership, formed in September, to fund the
installation of 1GW of wind capacity in the Southeast Asian country.

Mainstream has also acquired two projects with a combined 138MW. The 83MW
Thai Hoa and 55WM Thai Phong projects will be built in Binh Thuan, also in
the south of the country.

The Irish developer will partner the projects' original owner, Pacific
Corporation, and invest $200 million in the two sites, with financial close
also expected in 2018.

"In terms of energy needs and requirements, Vietnam is one of the fastest
growing markets in south-east Asia. Investing in Vietnam is very much
aligned with our aim of developing large-scale renewable energy projects in
high-growth economies with significant demand for new-build power
generation," said Mainstream chief operating officer Andy Kinsella.

The Vietnamese government has set out targets of generating 800MW by 2020
and 6GW by 2030, according to Mainstream.

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com