Deal will see energy giants build 1GW of wind power to help propel Vietnam towards renewable energy targets
Mainstream Renewable Power has opened up a new front in its global expansion drive, inking a deal with GE Energy Financial Services to develop, build and operate £1.5bn of wind power projects across Vietnam.
The deal will deliver 1GW of new wind power capacity to the South East Asian country, although the exact size and number of projects in the pipeline was not disclosed.
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The move follows an agreement signed by GE and the Vietnam Ministry of Industry and Trade in May 2016 to accelerate the rollout of wind power across the country.
Mainstream Renewable Power's chief operating officer, Andy Kinsella, said delivering low-cost renewable energy is a "key strategic focus" for the company.
"We have a strong track record as a leading developer in Africa and South America, we look forward to expanding our operations in Asia and working with GE to bring much-needed power to Vietnam," he added in a statement, referencing the company's extensive work in Chile, South Africa, and a host of other emerging markets.
As the cost of renewable energy falls countries such as Vietnam are looking to expand their clean energy capacity to meet growing energy demand. Vietnam has a target to increase its power output to more than 330 billion kWh in 2020, up from around 200 billion kWh today.
Under Vietnam's Power Master Plan VII the country aims to increase renewable electricity production from a 3.5 per cent share in 2010 to five per cent by 2020. Meanwhile, under the Paris Agreement Vietnam has committed to reducing its greenhouse gas emissions by eight per cent below business-as-usual levels by 2030, although it has also pledged to boost the target to a 25 per cent cut if international financial support is made available.
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