Tuesday 25 October 2016

Irish renewable firm Mainstream secures GE partnership in Vietnam

Sean Duffy

Published 29/09/2016 | 02:30

Eddie O’Connor, founder of the renewable energy company
Eddie O’Connor, founder of the renewable energy company

The renewable energy firm founded by Irish businessman Eddie O'Connor, Mainstream Renewable Power, has signed an agreement with General Electric (GE) to develop, build and operate large scale wind power plants in Vietnam.

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The project will include both greenfield and partially developed sites and will be carried out by local and international developers.

The project will receive financing through a joint development scheme agreed between GE and Mainstream.

The agreement is aimed at accelerating a large scale Vietnamese wind project which GE signed with the Vietnamese government in May of this year.

Mainstream Renewable Power's chief operating officer, 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."

The new partnership is geared towards helping Vietnam realise its renewable energy targets by 2020. Vietnam's Power Master Plan aims to boost renewable power in the country by 150bn kilowatt hours over the next four years.

John Bottomley, GE Energy Financial Services' managing director and global development leader, added: "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."

Mainstream currently employ around 160 people across five continents.

Mr O'Connor founded the company having sold his Airtricity business to E.ON for €2bn back in 2008.

Since its inception, the company has become an important player in the development in the global move towards wind and solar power. Earlier this year Mainstream announced after-tax profits of €96m.

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