A WORLD ELECTRIFIED BY RENEWABLE ENERGY VIEW ALL NEWS IN THIS SECTION Communities Eddie's Blog News Projects SHARE THIS POST 12 NOV 21 NEWS PROJECTS VIETNAM VIETNAM PROVINCE APPROVES INVESTMENT FOR FLAGSHIP OFFSHORE WIND FARM The 1.4 GW Phu Cuong Soc Trang offshore wind project, being developed as a joint venture between Mainstream Renewable Power and the Phu Cuong Group, is located off the southern coast of Vietnam and will be the largest offshore wind farm in South East Asia The first 200 MW of the project has received a Decision on Investment and an Investment Registration Certificate (IRC) from the Soc Trang Province, representing a significant step towards financial close, expected in 2022 In a vital step for the Phu Cuong Soc Trang Offshore Wind Farm, Mainstream Renewable Power today announces its receipt of a Decision on Investment and an Investment Registration Certification (IRC) from the provincial government of Soc Trang for the first 200 MW of the offshore wind farm. The project, once fully complete, will have a capacity of up to 1.4 GW and will generate enough electricity to power over 1.6 million homes, as well as mitigating 1.8 million tonnes of carbon dioxide emissions each year. The 200 MW Phase 1 site has been subject to extensive surveys in readiness for construction to begin The project is anticipated to reach financial close in 2022, enabling first power to commence as early as 2023. The wind farm is a joint venture between Mainstream and its Vietnamese partner the Phu Cuong Group, with Mainstream owning 70% of the asset and the Phu Cuong Group owning the remaining 30%. The project follows a multi-stage development approach, with 200 MW of capacity set to be delivered in phase 1 and the remaining 1,200MW to be developed thereafter. Today’s announcement represents a significant milestone for Mainstream’s presence in Vietnam. The project has already completed its wind measurement campaign and other site studies, and the procurement process to secure a wind turbine supplier and balance of plant contractor is well advanced. Moving forward, Mainstream will work closely with EVN, Vietnam’s national electricity company, to finalise the grid connection agreement, as well as the project’s Power Purchase Agreement (PPA). Mainstream has been present in Vietnam since 2016 where it is developing 2.3 GW of solar and offshore wind assets. Mainstream's Cameron Smith predicts the Phu Cuong Soc Trang project will be "a catalyst" for the development of Vietnam's huge offshore wind resources Cameron Smith, Mainstream’s General Manager for APAC, said: "We are excited to be a part of Vietnam’s energy transition with the Phu Cuong Soc Trang project, which is being developed to the highest international standards, drawing on Mainstream’s extensive experience. Being leaders in renewable development in many countries, we understand the importance of community engagement, and we are pleased to have had such positive support from the Soc Trang community. "We commend the government for the progress made in encouraging the development of renewable energy in Vietnam to date. 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." Mr Nguyen Viet Cuong, Chairman of the Phu Cuong Group, said: "The Phu Cuong Soc Trang offshore wind farm is an essential investment in Vietnam’s clean energy infrastructure and will make a major contribution towards the country’s carbon neutrality roadmap. This wind farm, which will be the largest in the region, will play a key role in accelerating the development of Vietnam's economy by promoting the growth of industrialization. "The government’s supportive policies to promote renewable energy are important for promoting foreign direct investment in co-operation with Vietnamese partners." Group Chief Executive Officer Mary Quaney restated Mainstream's commitment to help accelerate Vietnam’s energy transition when she met Prime Minister Pham Minh Chinh at the COP26 summit in Glasgow last week Find more on our Phu Cuong Soc Trang offshore wind project by visiting its dedicated website. RELATED NEWS VIEW ALL NEWS 28 JUN 21 VIETNAM Mainstream grows footprint in Vietnam with acquisition of 80% of solar portfolio 28 APR 21 VIETNAM Mainstream and Vietnam sign agreement for capacity building event 30 MAR 21 VIETNAM Communities developing opportunities around Soc Trang Wind Farm 25 FEB 21 VIETNAM Mainstream Vietnam earns ISO safety and environmental accreditation QUICK LINKS Contact Us Jobs Events Our People Corporate Governance Our Track Record Global Development Standard Vision, Mission & Values RESOURCES View all our videos in this section. VIEW ALL GET OUR LATEST NEWS SIGN UP Mainstream Corporate Quarterly Newsletter Mainstream Chile Newsletter By submitting this form, you are consenting to receive marketing emails from: Mainstream Renewable Power. You can revoke your consent to receive emails at any time by using the Unsubscribe link, found at the bottom of every email. Tick here to agree to our Privacy and Cookie Policy - Please read our privacy and cookie policy FOLLOW US © Copyright Mainstream Renewable Power 2021. All Rights Reserved. Privacy Site Map OUR USE OF COOKIES We use necessary cookies to enable you to move around our website and use its features. You may disable these by changing your browser settings, but this may affect how our website functions. We would also like to set optional analytics cookies to help us improve our website by collecting and reporting information on how you use it. However, we will not set these cookies unless you enable them by using the on/off tool and click the accept or decline button below. Using this tool will set a cookie on your device to remember your preferences. NECESSARY COOKIES Necessary cookies enable core functionality such as page navigation and access to secure areas. The website cannot function properly without these cookies and can only be disabled by changing your browser preferences. ANALYTICS The cookies we use are "analytical" cookies. They allow us to recognise and count the number of visitors and to see how visitors move around the site when they are using it. This helps us to improve the way our website works, for example by ensuring that users are finding what they are looking for easily. ON OFF Read more about the individual cookies we use and how to recognise them in our Privacy and Cookies Policy. You can withdraw your consent at any time here. ACCEPT DECLINE