The $1.5 billion of wind projects are expected to comprise both greenfield and partially developed sites, are intended to include co-operation with local and international developers, and will receive financing through a Mainstream and GE Energy Financial Services joint development agreement. The aim of the agreement is to compliment the 1GW initiative that GE and Ministry of Industry and Trade signed in May 2016 to accelerate large-scale Vietnamese wind project buildout.
Countries like Vietnam are pushing to increase the share of wind and solar to power their economic growth as the cost of generating renewable energy declines, making it competitive with coal and liquefied natural gas.
By combining Vietnam’s abundant wind resource with GE technology, know-how and in-country manufacturing capability and Mainstream’s expertise in development, construction and operations, the partners aim to better enable the country to reach its 2020 renewable energy target.
To meet increasing power demand, Vietnam’s National Power Master Plan 2011-2020 foresees increasing output from 194-210 billion kilowatt hours (kWh) in 2015 to 330-362 billion kWh in 2020. As renewable sources are part of Vietnam’s energy mix, this growth in power supply will also boost the demand for renewable energy. The country’s Sustainable Development Strategy 2011-2020 identifies clean and renewable energy development and its growing share in Vietnam’s energy consumption mix as priorities for a sustainable economy.