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

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

PR Newswire

OSLO, Norway, Nov. 12, 2021

OSLO, Norway, Nov. 12, 2021 /PRNewswire/ -- 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 project is a joint venture between Mainstream and its Vietnamese partner the Phu Cuong Group, with Mainstream owning 70 percent of the asset and the Phu Cuong Group owning the remaining 30 percent. 

The project follows a multi-stage development approach, with 200 MW of capacity set to be delivered in phase 1 and the remaining 1.2 GW 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, which his owned 75 percent by Aker Horizons, 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."

For further information, please contact:

Ivar Simensen, Communications, Tel: +47 46 40 23 17, ivar.simensen@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 915 10 000, christian.yggeseth@akerhorizons.com

Emmet Curley, Head of Communications & Positioning, Tel P: +353 86 2411 690, emmet.curley@mainstreamrp.com 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-horizons/r/mainstream-renewable-power-secures-investment-decision-from-provincial-government-for-flagship-offsh,c3452028

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