The Asia region is characterised by rapid and significant economic growth, which is driving an equivalent need for increased electricity generation capacity. Compared to other parts of the world, excluding China and India, the region has very little installed wind or solar capacity, representing a substantial opportunity for Mainstream.
In October 2016, Mainstream and GE Energy Financial Services, a GE Capital business unit (NYSE:GE), signed a term sheet to develop, build and operate large scale wind power plants in Vietnam. The 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 the Ministry of Industry and Trade signed in May 2016 to accelerate large-scale Vietnamese wind project buildout.
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. Read the full press release here.