The $2 billion Joint Development Agreement was one of five agreements announced on 31st May to support the development of Vietnam’s energy and aviation sectors during the visit of Vietnamese Prime Minister Nguyen Xuan Phuc to the United States. The signing ceremony marks the next phase of the collaboration on the project announced in November 2016 that is being developed with local partner Phu Cuong Group. The project is in support of the 1 GW initiative that GE and the Ministry of Industry and Trade signed in May 2016.
The Phu Cuong wind farm is expected to be the largest wind farm in Vietnam and will be completed in two phases with the first phase of approximately 200 MW expected to reach financial close in 2018. GE Renewable Energy has been earmarked as the equipment provider for both phases.
“This is a significant step forward in terms of taking the first phase of this project into construction next year, and in doing so supporting Vietnam in its aim of delivering one gigawatt of renewable energy by 2020” said Mainstream’s Chief Operating Officer Andy Kinsella. “Today’s agreement is central to Mainstream’s strategic focus of bringing large-scale, low-cost renewable energy to high-growth markets across Asia, Africa as well as South and Central America. We look forward to working closely with our partners in bringing this project to fruition.”
The agreement in Vietnam marks Mainstream’s first large scale investments in Asia, following the establishment of gigawatt-scale portfolios by the company in South America and Africa.
Deputy GM for the Phu Cuong Group, Phạm Quốc Anh, added that producing electricity from wind energy is a new market in Vietnam and that, as one of the pioneers, Phu Cuong Group wants to work with strong partners with capacity to ensure the quality of the project. The group regards GE and Mainstream as the best partners working in this area.
GE Renewable Energy has a strong presence in Vietnam, particularly including its manufacturing plant in the seaport city of Haiphong, which employs 500 workers. The plant can produce multiple products including the 1.X Wind Turbine Generator and 2.X Wind Turbine Generator to electrical control systems components as well as fabrication components.
Image: L-R: Stephen Swift, GE, Wilbur Ross, Secretary, US Department of Commerce, Vietnam Prime Minister, Nguyen Xuan Phuc, Nguyen Viet Cuong, Chairman of Phu Cuong Group, Pham Quoc Anh, GM Phu Cuong Group, Andy Kinsella, Chief Operating Officer, Mainstream Renewable Power, Thang Bui Vinh, Mainstream Renewable Power (Mainstream Renewable Power)
For additional information:
