Foxconn (Hon Hai Technology Group) has formed a partnership with New York-based investment firm Brookfield to develop utility-scale renewable energy infrastructure in Vietnam.
The partnership is aimed at powering the Taiwanese manufacturer’s local factories and supply chain network.
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The two companies will jointly develop up to 1GW of wind, solar and battery storage capacity, underpinned by long-term power purchase agreements (PPAs).
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.”
Foxconn did not disclose the financial terms of the arrangement but confirmed it would incorporate battery storage and direct power purchasing arrangements.
Both parties will share responsibility for investment decisions and asset management across the targeted projects.
Brookfield will channel capital through its Catalytic Transition Fund, a vehicle focused on renewable energy solutions in emerging markets.
The partnership is expected to progress in line with Vietnam’s developing direct PPA regulatory framework.
Foxconn said the new capacity will serve electricity demand from its manufacturing operations and supply chain partners within the country.
“Brookfield’s partnership with Foxconn underscores the scale of corporate demand for renewable power in Vietnam, one of Asia’s fastest-growing economies,” Brookfield Asia Pacific head of energy Daniel Cheng said.
“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,” he added.
The announcement follows a separate development last month, in which Vietnam and Japan signed six cooperation agreements spanning climate resilience, low-carbon growth, digital transformation and space data.
Those agreements included two loan arrangements between the Vietnamese government and the Japan International Cooperation Agency (JICA) – one for disaster-resilient rural development and another for climate-resilient infrastructure serving ethnic communities in northern mountainous provinces.
