Ireland-based renewable energy company Mainstream Renewable Power has agreed to acquire an 80% stake in Vietnamese company Technology and Development Joint Stock Company (D&T).

D&T is currently developing a 405MW solar project portfolio in the Dak Nong province of central Vietnam.

The solar portfolio comprises three projects and is part of the Vietnam government’s Power Development Plan Seven.

The three projects have been in development since 2019 and are expected to reach financial close next year.

Mainstream Renewable Power Asia-Pacific region general manager Cameron Smith said: “This deal further bolsters our position in Vietnam, which is internationally recognised as one of the countries leading the way in solar energy deployment in this region.

“We have been present in Vietnam since 2016 and play a key role in enabling its energy transition, with more than 2.3GW of solar and offshore wind projects now in the pipeline.”

D&T vice-chairman and CEO Tran Do Thanh said: “It is a pleasure for us to collaborate with a very trusted partner like Mainstream, a company that is globally well-known in the area of renewable energy.

“The collaboration is not only good for both parties but also fruitful for the Dak Nong province, as the scale of this portfolio will help to significantly boost the renewable energy industry as well as the development of the province.”

The financial details of the deal have not been disclosed.

Mainstream Renewable Power has also signed an agreement with the Vietnamese government to share offshore wind development knowledge for the purposes of building generation capacity.

Last November, the company agreed to develop an offshore wind project in Vietnam together with Advance Information Technologies.

The companies signed a joint development agreement to develop the 500MW project in Ben Tre province.

The project is expected to achieve financial close and begin construction works by 2024 and come online by 2026.