Mainstream Renewable Power Secures Provincial Government Investment Decision for Flagship Offshore Wind Project in Vietnam: Aker Horizons

  • The 1.4 GW Phu Cuong Soc Trang offshore wind project, developed as a joint venture between Mainstream Renewable Power and the Phu Cuong group, is located off the south coast of Vietnam and will be the largest offshore wind farm in South East Asia

  • The first 200 MW of the project received an Investment Decision and an Investment Registration Certificate (IRC) from the Soc Trang Province, representing a significant step towards financial close, expected in 2022

Oslo, Norway, November 12, 2021 / PRNewswire / – In a Milestone for the Phu Cuong Soc Trang Offshore Wind Farm, Mainstream Renewable Power (“Mainstream”) today announces that it has received an Investment Decision and Investment Registration Certification (IRC ) of the provincial government of Soc Trang for the first 200 MW of the offshore wind farm. The project, when fully completed, will have a capacity of up to 1.4 GW and generate enough electricity to power more than 1.6 million homes, while mitigating 1.8 million tonnes of dioxide emissions. of carbon each year.

The project is expected to reach financial close in 2022, allowing the first power to start up as early as 2023.

The project is a joint venture between Mainstream and its Vietnamese partner the Phu Cuong group, with Mainstream holding 70 percent of the assets and the Phu Cuong group holding the remaining 30 percent.

The project follows a multi-stage development approach, with 200 MW of capacity to be delivered in phase 1 and the remaining 1.2 GW to be developed thereafter. Today’s announcement represents an important milestone for Mainstream’s presence in Vietnam. The project has already completed its wind measurement campaign and other site surveys, and the procurement process to find a wind turbine supplier and plant contractor is well advanced.

In the future, Mainstream will work closely with EVN, from Vietnam national electricity company, to finalize the grid connection agreement, as well as the electricity purchase contract (PPA) for the project.

Mainstream, which is 75 percent owned by Aker Horizons, has been present in Vietnam since 2016 where it has been developing 2.3 GW of offshore solar and wind assets.

Cameron Smith, Mainstream Managing Director for APAC, said:

“We are delighted to be part of from Vietnam energy transition with the Phu Cuong Soc Trang project, which is developing according to the highest international standards, drawing on Mainstream’s vast experience. As leaders in the development of renewable energy in many countries, we understand the importance of community engagement and we are pleased to have received such positive support from Soc Trang community.

We commend the government for the progress made in encouraging the development of renewable energies in Vietnam nowadays. The Phu Cuong Soc Trang project promises to be a catalyst for the development of a true offshore wind industry on a scale that will promote the achievement of net zero by 2050. “

Sir Nguyen Viet Cuong, Chairman of the Phu Cuong Group, said:

“The Phu Cuong Soc Trang offshore wind farm is an essential investment in from Vietnam clean energy infrastructure and will make a major contribution to the country’s carbon neutral roadmap. This wind farm, which will be the largest in the region, will play a key role in accelerating the development of from Vietnam economic by promoting the growth of industrialization. Government support policies to promote renewable energies are important to promote foreign direct investment in cooperation with Vietnamese partners. “

For more information, please contact:

Ivar simensen, Communication, Tel: +47 46 40 23 17, [email protected]

Christian Yggeseth, Investor Relations, Tel: +47 915 10 000, [email protected]

Emmet curley, responsible for communication and positioning, tel. P: +353 86 2411 690, [email protected]

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SOURCE Aker Horizons

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