Mainstream shares good news for Vietnam offshore wind project

The first 200 MW portion of the 1.4-GW Phu Cuong Soc Trang offshore wind project in Vietnam has secured a Decision on Investment and an Investment Registration Certification (IRC) from the local provincial government, Mainstream Renewable Power said today.

The Ireland-based company is developing the 1.4-GW project off the southern coast of Vietnam through a joint venture with Vietnam’s Phu Cuong Group, where Mainstream has a 70% stake and its Vietnamese partner 30%.

Mainstream said the receipt of investment decision from the Soc Trang Province is a step towards financial close for this first phase of the project, expected in 2022, with first power then potentially generated as early as 2023.

According to the company, the project has already finished its wind measurement campaign and other site studies. The process to select a wind turbine supplier and balance of plant contractor is also well advanced.

Mainstream will now work with Vietnam’s national electricity company, EVN, to complete the grid connection agreement and the project’s power purchase agreement (PPA).

“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,” said Cameron Smith, Mainstream’s general manager for APAC.

Earlier this year, Aker Horizons ASA (OSE:AKH), the renewables platform controlled by Norway’s Aker ASA (OSE:AKER), took a 75% equity stake in Mainstream.

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