Global electronics manufacturing giant Hon Hai Technology (Foxconn) has teamed up with Brookfield to invest in and develop Vietnamese renewable energy projects.
The world’s largest electronics manufacturer aims to use the energy capacity to power its own local operations as well as those of its supply chain partners across the country.
The partnership will jointly develop up to 1GW of utility-scale wind, solar and battery capacity, with both parties collaborating on the investment and asset management of the targeted projects.
Brookfield’s stake in the partnership will be made through its Catalytic Transition Fund, which invests in clean energy and transition assets in emerging markets.
Daniel Cheng, Brookfield Asia Pacific head of energy, 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.”
James Tu, Foxconn’s CIO, 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.”
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