Irish company Mainstream Renewable Power and GE Energy Financial Services have signed a term sheet to develop, build and operate large wind power plants in Việt Nam. — VNS Photo

HCM CITY (Biz Hub) — Irish company Mainstream Renewable Power and GE Energy Financial Services have signed a term sheet to develop, build and operate large wind power plants in Viet Nam.

The projects are expected to comprise both greenfield and partially developed sites and include co-operation with local and international developers, and receive financing through a Mainstream and GE Energy Financial Services joint development agreement.

The aim of the agreement is to complement the 1GW initiative that GE and the Ministry of Industry and Trade signed last May to speed up large wind projects.

By combining Viet Nam's abundant wind resource with GE's technology, know-how and in-country manufacturing capability and Mainstream's expertise in development, construction and operations, the partners seek to enable the country to reach its 2020 renewables target.

To meet increasing power demand, Viet Nam's Power Master Plan VII foresees increasing output from 194–210 billion kilowatt hours (kWh) in 2015 to 330–362 billion kWh in 2020. As renewables are part of Việt Nam's energy mix, this growth in power supply will also boost demand for renewable energy.

The country's Sustainable Development Strategy 2011–2020 identifies clean and renewable energy and growing its share in Viet Nam's energy consumption mix as priorities for a sustainable economy. — VNS