The developers behind the 800 MW Phu Cuong wind farm in Vietnam are aiming to reach financial close in 2018 on the project’s first phase.

GE, Mainstream Renewable Power and Vietnamese firm Phu Cuong Group have formalised a $2 billion joint development agreement to build the project, located in the Soc Trang province of Vietnam.

The agreement marks the next phase in the development of the proposed project, which will form part of a 1 GW initiative signed between GE and the Vietnamese Ministry of Industry and Trade signed in May 2016. The wind farm will be the largest in Vietnam.

The project’s first phase will be a 200 MW development, with hardware provided by GE Renewable Energy.

Mainstream Renewable Energy said that the deal was central to its “strategic focus of bringing large-scale, low-cost renewable energy to high-growth markets across Asia, Africa as well as South and Central America”. It is the company’s first large-scale investment in Asia.