Global developer Mainstream Renewable Power has acquired an 80% stake in Technology and Development Joint Stock Company (D&T), which holds a 405MW portfolio in Dak Nong province, Vietnam.
The portfolio is divided into three projects that are included in the Vietnamese government’s Power Development Plan 7 and have been in development since 2019, with a financial close expected in 2022.
“We have been present in Vietnam since 2016 and play a key role in enabling its energy transition – with over 2.3GW of solar and offshore wind projects now in the pipeline,” said Mainstream’s general manager for the APAC region Cameron Smith.
Mainstream’s business model is based on identifying greenfield sites in high growth markets which are then commercialised.
The partnership will be “good for both parties” and the wider area as “the scale of this portfolio will help to significantly boost the renewable energy industry as well as the development of the province”, said Tran Do Thanh, vice chairman and CEO of D&T.