Brookfield and Foxconn Secure 1GW Renewable Energy Project in Vietnam

en.Wedoany.com Reported - Brookfield Asset Management has partnered with Hon Hai Technology Group (Foxconn) to develop up to 1GW of renewable energy projects in Vietnam, encompassing wind, solar, and battery storage. This long-term agreement strengthens industrial access to renewable electricity under evolving power purchase agreement rules.

The projects will adopt a long-term power purchase agreement (PPA) model, jointly invested and managed by both parties, and are expected to align with Vietnam's newly introduced direct PPA framework. Brookfield is funding the initiative through its Catalytic Transition Fund, which focuses on energy transition projects in emerging markets, including Southeast Asia. The generated electricity infrastructure will power Foxconn's operations in Vietnam and its broader supplier network.

Daniel Cheng, Brookfield's Head of Energy for Asia Pacific, stated that demand for renewable electricity is rising in Vietnam as a rapidly growing industrial economy. "As global manufacturers increasingly turn to renewables for their cost competitiveness, speed to market, and energy security advantages, we see strong and growing demand for long-term supply across the region," Cheng said.

James Tu, Chief Investment Officer at Foxconn, noted that the agreement secures long-term renewable energy supply for its Vietnam operations and supply chain, supporting the company's access to stable and cost-effective electricity in the region.

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