Agreement with AIT to co-develop 500 MW offshore wind project
Mainstream Renewable Power has signed a Joint Development Agreement with Vietnamese company Advance Information Technologies Corporation (AIT), a specialist in providing EPC services to power projects and a strong local developer of renewable energy projects, to co-develop a 500MW offshore wind project in Ben Tre province, Vietnam.
The project received the requisite site survey licence earlier this year. Since then, it has completed a feasibility study and then submitted a Power Development Plan (PDP) application to Vietnam’s Ministry of Industry and Trade with a view to the project being included in the Vietnam Government’s forthcoming national PDP period 2021-2030 with vision to 2045 (PDP 8).
The project is expected to reach Financial Close and start construction by 2023/24, and reach commercial operation by 2025/26, when it will provide much-needed power to support the economic growth in Vietnam.
Ram Natarajan, Mainstream CEO Asia Pacific, said: "Mainstream recognises 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."
Hoang Thanh Hai, Chairman of AIT said: "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."
About Mainstream in Vietnam: Mainstream has been actively developing projects in Vietnam since establishing its Hanoi and Ho Chi Minh offices in 2017.
Most notably, Mainstream has partnered with PCG to deliver the 1,400 MW Phu Cuong Soc Trang project in the Soc Trang province. Once complete, the project will be the largest wind farm in South East Asia, powering over 995,000 homes and avoiding around 1,220,000 tCO2e each year.
About Advance Information Technologies Corporation: Founded in 2003, AIT is a group of private-owned companies specialising in information systems, engineering and manufacturing. With offices in Hanoi, Hai Phong and Ho Chi Minh city, AIT’s business activity is providing EPC services to power projects (mostly for HV transmission lines and substations up to 500 kV).
With the renewable energy sector growing in Vietnam, AIT has more recently entered the development business, in addition to taking contracting roles in renewable energy projects. To date, AIT has a pipeline of 200 MW projects in development (50 MW solar and 150 MW onshore wind) with national PDP approval.