GreenYellow, a French energy management company, has signed a deal to invest in a rooftop solar power project for New Wing Interconnect Technology Co., Ltd., a fully owned subsidiary of Foxconn Group.
The move marks the ongoing expansion of GreenYellow in Vietnam, which will contribute to the country's net-zero emission target by 2050. The rooftop solar power system was installed with a total capacity of 5MWp, located at the New Wing factory in Van Trung Industrial Zone in the northern province of Bac Giang.
The project is expected to produce 5,300MWh of solar energy per year, which will in turn offset about 4,500 metric tonnes of CO2 emissions over a 12-month period.
New Wing, an energy arm of Foxconn Group, a major player in manufacturing semiconductors and other electronic components, has deployed its sustainable development strategy by entering a power purchase agreement with GreenYellow.
The French firm will be the sole investor and operator of New Wing’s solar power system over the 20-year period of the contract. The project marks an important milestone in GreenYellow’s investment in the Vietnamese market, especially in the northern region.
This project will also add to GreenYellow's growing solar portfolio in Vietnam. In November 2022, GreenYellow took over a 49.5MWp solar farm from Qair, a French independent renewable energy producer. Sebastien Prioux, CEO of GreenYellow Vietnam and Cambodia, cited a report from the International Energy Agency (IEA) indicating that Vietnam is the second-largest electricity consumer in Southeast Asia.