Mainstream Renewable Power, a global clean energy firm, is running a process to sell its portfolio in Vietnam, according to two sources familiar.

The developer was in exclusive discussions with a buyer earlier this year and remains in talks with the suitor, despite the exclusivity period lapsing in early March, one of the sources said.

Dublin-based Mainstream has also approached additional parties to gauge interest for the asset sale, the same source said. It is not using an external advisor.

A spokesperson for Mainstream said the company does not comment on market speculation.

However, it is standard practice for global renewable developers to continually explore opportunities for investment, divestment and partnership, the spokesperson said.

In Vietnam, Mainstream has 2.3 GW gross capacity in development-stage projects across solar and offshore wind.

It is co-developing the dual-stage 1.4 GW Phu Cuong Soc Trang offshore wind project alongside Vietnamese partner Phu Cuong Group. The first phase (200 MW) secured investment policy approval in 2021 and began construction of the grid connection substation the following year. Mainstream owns 70% of the Soc Trang offshore wind farm while Phu Cuong Group owns 30%.

Mainstream is also developing a 405 MW solar portfolio in central Vietnam’s Dak Nong province, comprising three solar farms. It acquired an 80% stake in the portfolio developer in June 2021.

Lastly, Mainstream is co-developing the 500 MW Ben Tre offshore wind farm with local contractor Advanced Information Technologies. The project is pending inclusion in Vietnam’s national PDP8 program.

The company entered Vietnam in 2016 where it currently employs over 15 staff, its website shows.