An Irish energy firm Monday signed a $2.2 billion deal to build and operate three wind farms in Vietnam, as the coal-hungry communist nation turns to renewable sources to combat climate change. Rapidly industrialising Vietnam, which officially ratified the Paris climate pact last week, is also looking to boost energy production to meet mounting demand as its economy and population continue to expand.
The deal was announced during a visit to Vietnam by Ireland's President Michael D. Higgins as the two countries seek to strengthen ties. The company behind the deal, Mainstream Renewable Power, said the three wind farms will have a combined total capacity of 940 MW. "In terms of energy needs and requirements, Vietnam is one of the fastest growing markets in Southeast Asia," Chief Operating Officer Andy Kinsella said in a statement. "Investing in Vietnam is very much aligned with our aim of developing large-scale renewable energy projects in high-growth economies with significant demand for new-build power generation."