South Korean tech giant Samsung's Vietnamese subsidiary, Samsung Electronics Vietnam Thai Nguyen (SEVT), has signed its first direct Power Purchase Agreement (PPA) in the country.
– Getty Images
Under the terms of the deal, SEVT will offtake 70GWh of solar power from the Duc Hue 2 Solar Power Plant, a 49MW solar array in Tay Ninh Province, to the west of Ho Chi Minh City. The power will be delivered via the grid. The project was developed by TTC Duc Hue and reached commercial operations in 2019. The project is currently owned by TTC-Duc and Gia Lai Hydropower Joint Stock.
“Through this inaugural DPPA, we hope to contribute to the growth of Vietnam’s renewable energy market while actively supporting global efforts to address the climate change crisis,” said Mr. Na Ki Hong, general director of Samsung Vietnam.
Vietnam is becoming a key hub for Samsung. Late last month, the company announced plans to invest $1.5 billion to build a semiconductor testing plant in Vietnam in an effort to ease the global memory chip shortage.
