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Mainstream and AIT to co-develop offshore wind project in Vietnam

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Mainstream's Development Director in Vietnam, Bernard Casey, centre left, and AIT Director Hoang Thanh Hai, centre right, lead their teams in toasting the new joint venture agreement at the signing ceremony in Hanoi Image: Mainstream Renewable Power

Mainstream Renewable Power has signed a joint venture agreement with the Vietnamese company Advance Information Technologies (AIT) to co-develop a 500MW offshore wind project in the province of Ben Tre, Vietnam.

The project obtained the appropriate site survey license earlier this year. Since then, a feasibility study has been completed and a Power Development Plan (PDP) application has been submitted to the Ministry of Industry and Trade of Vietnam with a view to include the project in the upcoming national PDP term 2021-2030 to 2045 (PDP 8) of the Government of Vietnam.

The project is expected to reach Financial Close and start construction by 2023/24 and to reach commercial service by 2025/26, when it will provide much-needed power to support economic growth in Vietnam.

“Mainstream recognizes the great potential of offshore wind in Vietnam, as well as the ambition of the Vietnamese Government to develop a sustainable green economy. Mainstream is delighted to be working with a strong and reliable partner in AIT to develop the Ben Tre project to the best international standards, supplying much needed renewable energy capacity to the country’s fast-growing economy. The JV has the potential to expand and will also look to develop further wind and solar projects in Vietnam in the near future.”

Ram Natarajan, Mainstream CEO Asia Pacific.

“AIT has nearly 20 years of experience working in the energy sector in Vietnam, both as EPC contractor as well as renewable energy investor. AIT is honoured to be working with a leading global renewable energy investor such as Mainstream. We believe that our knowledge of the market, together with Mainstream’s international expertise, will be a perfect combination to bring the Ben Tre project, as well as other wind and solar projects, to success.”

Hoang Thanh Hai, chairman of AIT.
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