Mainstream Renewable Power and GE Energy Financial Services 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.

John Bottomley, GE Energy Financial Services’ managing director and Global Development leader, said: “EFS engages in strategic co-development opportunities with select GE customers and in countries where GE’s capital, technology and industrial presence can be leveraged to add real tangible value – we call this the GE Store approach.”

Commenting on the signing of the agreement, Mainstream Renewable Power’s COO Andy Kinsella said: “Delivering low-cost renewable energy in high-growth markets such as Vietnam is Mainstream’s key strategic focus. We have a strong track record as a leading developer in Africa and South America, we look forward to expanding our operations in Asia and working with GE to bring much needed power to Vietnam.”

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.