Foxconn, one of the world's largest electronics manufacturers, has signed a deal with institutional investor Brookfield to develop up to 1GW of renewable and battery energy storage capacity in Vietnam.
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The partnership will invest in utility-scale wind, solar, and battery energy storage systems, underpinned by a long-term Power Purchase Agreement (PPA). The tenor of the PPA and when it is expected to come into effect were not disclosed.
Brookfield's investment in the partnership will be made through its Catalytic Transition Fund, which focuses on investments within the energy transition space in emerging markets, such as Southeast Asia. The fund has already made several investments into the Vietnamese market, including a 100MW wind project in central Vietnam.
The renewable capacity is expected to support Foxconn's expansion within Vietnam, where it already has a significant production presence.
