Hon Hai, Brookfield to invest in renewable energy in Vietnam

Hon Hai Precision Industry Co (鴻海精密) has established a partnership with Brookfield Asset Management Ltd, a leading global investment firm, to make renewable energy investments in Vietnam.The investments will seek to support the operations of Hon Hai and its suppliers in the Southeast Asian country, the iPhone assembler and artificial intelligence (AI) server maker said in a statement.Based on the partnership, both sides will jointly develop up to 1 gigawatt (GW) of utility-scale wind, solar and battery capacity underpinned by a long-term power purchase agreement (PPA), said Hon Hai, also known as Foxconn Technology Group (富士康) globally.In addition, the two partners will work with each other on investments and the asset management of targeted projects, the company said.For its part, Brookfield will leverage its Catalytic Transition Fund, which invests in renewable energy development in emerging markets. “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,” Hon Hai chief investment officer James Tu (杜墨璽) said in the statement.“This initiative where we’re investing and managing alongside Brookfield ensures stable and cost-effective power supply for our continued growth in the region,” Tu added.Hon Hai said the cooperation with Brookfield is expected to progress alongside Vietnam’s evolving direct PPA framework.In response, Brookfield Asia Pacific head of energy Daniel Cheng (程敬堯) said the company’s cooperation with Hon Hai “underscores the scale of corporate demand for renewable power in Vietnam, one of Asia’s fastest-growing economies.”According to Hon Hai, Brookfield manages more than US$1 trillion in assets with a wide range of businesses such as infrastructure, energy, private equity, real estate and credit.Hon Hai said Brookfield is a leading owner, operator and developer of clean energy assets, holding one of the world’s largest renewable energy portfolios covering hydro, wind, solar, energy storage and sustainable solutions across five continents.