Foxconn, Brookfield partner on 1GW renewable energy project in Vietnam
VOV.VN - Hon Hai Technology Group (Foxconn) and Brookfield, a global investment firm, have partnered to develop up to 1 gigawatt (GW) of utility-scale wind, solar and battery storage capacity in Vietnam to supply electricity to Foxconn’s manufacturing operations and supply chain partners in the country.
The strategic collaboration marks Foxconn’s latest step toward greening its production footprint in Southeast Asia. It is the first time Foxconn has directly engaged in renewable energy development in Vietnam, although no timeline has been set for achieving the 1GW target.
Under the agreement, the Foxconn-Brookfield alliance will focus on large-scale solar and wind projects, as well as battery energy storage systems (BESS). The electricity generated will supply Foxconn factories and key suppliers operating in Vietnam.
Foxconn said both companies will co-invest in and directly manage the renewable energy projects. On Brookfield’s side, funding will be channelled through its Catalytic Transition Fund, which invests in net-zero-aligned projects in emerging markets.
Notably, the projects will be backed by long-term power purchase agreements (PPAs), ensuring a stable supply of clean electricity for industrial zones.
The partnership underscores Vietnam’s growing role as a regional and global manufacturing hub, where renewable energy is increasingly becoming a magnet for foreign industrial investment.
Brookfield Asia Pacific Head of Energy Daniel Cheng said: “Brookfield’s partnership with Foxconn underscores the scale of corporate demand for renewable power in Vietnam, one of Asia’s fastest-growing economies.
As global manufacturers increasingly turn to renewables for its cost-competitiveness, speed to market and energy security benefits, we’re seeing strong and rising demand for long-term supply from across the region. Policy momentum around Southeast Asia is also providing a second-order tailwind for renewables development and our Catalytic Transition strategy, which has been very active over the past 12 months.”
Foxconn has steadily expanded its manufacturing footprint in Vietnam in recent years amid ongoing shifts in global supply chains.
Foxconn Chief Investment Officer James Tu said: “We are pleased to be a strategic partner to Brookfield to secure long-term access to renewable energy for our operations and supply chain in Vietnam. This initiative where we’re investing and managing alongside Brookfield ensures stable and cost-effective power supply for our continued growth in the region.”
Source: VOV
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