Vietnam has a population of 94 million people and an installed capacity of 37GW. As one of the fastest growing economies in the world, Vietnam is expected to experience electricity demand growth of approximately 15% per year, which will require 4GW of new capacity additions per year in the near-term. It also has a target of 1GW of wind by 2020 increasing to 6GW by 2030.
In September 2016, Mainstream announced the signing of an agreement with GE Energy Financial Services to develop, build and operate wind powered plants in Vietnam. 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.
Mainstream expects to have a local office in place in support of these developments in the coming months.