Mainstream Renewable Power has received approval from the provincial government of Soc Trang in Vietnam for the first 200MW phase of the Phu Cuong Soc Trang offshore wind farm.
The company said it has received a Decision on Investment and an Investment Registration Certification from the provincial government.
The project, once fully complete, will have a capacity of up to 1.4GW 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.
Phu Cuong Soc Trang is anticipated to reach financial close in 2022, enabling first power to commence as early as 2023, Mainstream said.
The wind farm is a joint venture between Mainstream (70%) and its Vietnamese partner the Phu Cuong Group (30%).
The project will follow a multi-stage development approach, with 200MW of capacity set to be delivered in phase 1 and the remaining 1.2GW to be developed thereafter.
Mainstream said the project has already completed its wind measurement campaign and other site studies, and the procurement process to secure a turbine supplier and balance of plant contractor is well advanced.
The company 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.
Mainstream general manager for APAC Cameron Smith (pictured) 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.”
Phu Cuong Group chairman Nguyen Viet Cuong 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 industrialisation.
“The government’s supportive policies to promote renewable energy are important for promoting foreign direct investment in co-operation with Vietnamese partners.”