Mainstream Renewable Power (MRP), a renewable energy company located in Ireland, has agreed to buy an 80 percent share in Vietnam’s Technology and Development Joint Stock Company (D&T). D&T is currently building a 405MW solar project portfolio in central Vietnam’s Dak Nong region.

The portfolio comprises three projects that have been under construction since 2019 and are part of the Vietnamese government’s Power Development Plan 7, with a financial close scheduled in 2022.

Mainstream’s business approach is centred on discovering and commercialising greenfield properties in high-growth areas. The cooperation will be beneficial to both sides as well as the greater community, since the portfolio’s size will assist to increase the renewable energy industry as well as the province’s growth.

The deal’s financial specifics have not been revealed as of yet. MRP has also agreed to share offshore wind development information with the Vietnamese government in order to increase generation capacity. In November, the business announced a partnership with Advance Information Technologies to construct an offshore wind project in Vietnam. The companies signed a cooperative development agreement to build the 500MW project in Ben Tre province. By 2024, the project is projected to reach financial closure, commence construction, and be operational by 2026.