TAIPEI (Taiwan News) — Two Taiwanese firms, Foxlink and Micro Electricity, have inked an agreement with Vietnam’s Bamboo Capital Group to pursue cooperation on renewable energy projects.
The three firms signed a Memorandum of Understanding in Ho Chi Minh on Monday to create a joint venture project by June next year. The Vietnam Investment Review reported the venture will develop energy storage and energy management systems, with additional cooperation in blockchain technology and data services.
The MOU indicates that Bamboo Capital will select a suitable area for the first phase of the joint venture, which will involve solar energy projects and intelligent energy management solutions. The target for the initial pilot program is a capacity of 100 to 300 megawatts at peak capacity.
Bamboo Capital is one of the three largest providers of renewable energy with multiple facilities in central and south Vietnam, with a combined capacity exceeding one gigawatt, reported UDN. Reports indicate that following the initial phase of the new joint venture, if successful, Bamboo Capital would like to expand operations to clients across the ASEAN region.
The pilot program will be launched under Vietnam’s newly implemented Direct Power Purchase Agreement. The joint venture between Bamboo Capital, Foxlink, and Micro Electricity aims to expand the country’s renewable energy systems, while also attracting high-tech companies from across the region, per Vietnam Investment Review.
While Bamboo Capital is expected to handle the marketing and selection of prospective projects, Micro Electricity will provide expertise in integrating energy management technologies and cloud services. Foxlink is expected to offer the manufacturing capacity for the hardware components.
Foxlink is already planning to invest US$135 million (NT$4.38 billion) in a manufacturing facility for electrical components located in Danang, Vietnam.