Mainstream to buy big stake in developer of 405 MW of solar in Vietnam
Mainstream to buy big stake in developer of 405 MW of solar in Vietnam
Ireland-based Mainstream Renewable Power Ltd announced today that it has agreed to acquire an 80% stake in a company that is developing a 405-MW portfolio of solar projects in Vietnam.
Solar panels. Featured Image: foxbat/Shutterstock.com
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The agreement will see Mainstream take a strong position in Technology and Development Joint Stock Company Limited (D&T), boost its presence in Vietnam and help bring the portfolio to financial close, said the buyer.
The targeted portfolio consists of three schemes, set to be located in Dak Nong province, central Vietnam. These projects have been in development since 2019 and are included in the Vietnam Government’s Power Development Plan 7 (PDP 7), Mainstream said.
The financial close is expected in 2022.
At present, the Ireland-based renewables firm has over 2.3 GW worth of solar and offshore wind projects under its Vietnamese pipeline.
The offshore wind plans stem from Mainstream's partnerships with domestic players -- a 2020 agreement with Advance Information Technologies Corporation (AIT) to develop a 500-MW wind project and a 2017 deal with Vietnam's Phu Cuong Group to put up 1,400 MW of turbines off the coast of Soc Trang province.
