GE, Mainstream to develop 1 GW of wind projects in Vietnam

US conglomerate General Electric Co (NYSE:GE) and Ireland-based renewables developer Mainstream Renewable Power Ltd will partner to build wind power plants in Vietnam, Mainstream said today.

The deal is designed to complement a memorandum of understanding (MoU) for 1 GW of wind power that GE and the Ministry of Industry and Trade signed in May, according to the announcement.

The USD-1.5-billion (EUR 1.3bn) investment for the planned projects will be funded through a mix of equity and debt, Andy Kinsella, Mainstream's chief operating officer, told The Wall Street Journal in an interview published on Tuesday.

GE will provide part of the funding and the technology for the wind power plants, while Mainstream will bring in its experience in development, construction and operations.

Construction of the first projects is expected to start in 2018.

Vietnam targets to increase power generation by at least 50% in 5 years, reaching an annual generation of 330,000 to 362,000 million kWh in 2020, compared with 194,000 to 210,000 million kWh in 2015.

(USD 1.0 = EUR 0.891)

Choose your newsletter by Renewables Now. Join for free!