General Electric (GE) and Ireland-based Mainstream Renewable Power (MRP) have agreed to build a $1.5bn large-scale windpower plant in Vietnam.

The projects would include both greenfield and partially developed sites and will be financed through the joint development agreement signed between MRP and GE Energy Financial Services.

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The partnership aims to compliment the 1GW initiative signed between GE and Vietnam Ministry of Industry and Trade in May this year to speed-up large-scale Vietnamese wind projects.

"We look forward to expanding our operations in Asia and working with GE to bring much needed power to Vietnam."

GE's energy financial services managing director and global development leader John Bottomley said: “GE Energy's financial services 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”

As part of the agreement, Vietnam's abundant wind resource will be combined with GE’s technology and in-country manufacturing capability, and MRP’s expertise in development, construction, and operations to help reach the 2020 renewable energy target.

MRP'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 and we look forward to expanding our operations in Asia and working with GE to bring much needed power to Vietnam.”

Vietnam's Power Master Plan VII seeks to raise the output from 194-210 billion kilowatt hours (kWh) in 2015 to 330-362 billion kWh in 2020 to meet the growing power demand.