Le Nu Thuy Duong, Vice Chairwoman of KN Holdings (center), and Heo Wook, Vice President of Global Investment at Samsung C&T (second from left), exchange the cooperation agreement. (Photo: KH Holdings)
Vietnam’s direct power purchase agreement (DPPA) framework is maturing, and green power projects based on the scheme are gradually taking shape. VinEnergo, the energy arm of Vingroup, will supply solar and storage systems to the group’s car and battery factories.
Meanwhile, a floating solar project developed by Vietnam’s KN Holdings and South Korea’s Samsung C&T is also set to prioritize supplying large consumers under the DPPA model.
Vietnam-Korea partnership on floating solar taps rising DPPA demand
KN Holdings and Samsung C&T recently signed a cooperation agreement to develop floating solar projects at three hydropower plants—KN Srepok 3, KN Ialy Gia Lai, and KN Ialy—in Vietnam’s Central Highlands.
The agreement was formally exchanged on Aug. 14 during the Vietnam–Korea Economic Forum, witnessed by Vietnam’s Party General Secretary To Lam and Korean Prime Minister Kim Min-seok. At the same event, dozens of other cooperation documents were signed covering digital infrastructure, manufacturing, and more.
A KN Holdings representative highlighted Samsung C&T’s extensive global renewable energy experience, noting that the partnership will leverage advanced technology to boost investment efficiency and operational performance.
The three floating solar projects will have a combined installed capacity of 864 MW. Once completed, they will supply clean electricity to major consumers through the DPPA mechanism, helping reduce corporate carbon emissions and driving Vietnam’s green energy transition.
VinEnergo leads with solar-storage project via DPPA
Separately, on Aug. 5, Vingroup announced that its energy subsidiary VinEnergo signed an agreement with group companies VinFast (EV manufacturing), VinES (battery and storage), and V-G (energy solutions). The deal makes VinEnergo the first company in Vietnam to launch a solar-plus-storage project under the DPPA framework.
VinEnergo will build rooftop solar and battery storage systems at the three factories located in the Vung Ang Economic Zone, Ha Tinh province.
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VinEnergo signs deal with group partners to develop solar and storage systems under the DPPA framework. (Photo: VinGroup)
The project will install 43 MWp of rooftop solar and 45 MWh of storage capacity, generating around 50 million kWh annually and reducing carbon emissions by 33,000 tons per year. This supports Vingroup’s broader target of reaching net zero by 2040.
Nguyen Huong Giang, Deputy General Director of VinEnergo, said the company is honored to deliver a comprehensive green energy solution to help businesses minimize environmental impact, demonstrating the determination of Vietnamese companies to adopt new technologies in pursuit of the nation’s net-zero ambitions.
Through the DPPA, VinFast and its sister companies will procure green electricity to align with government policy and build a sustainable manufacturing and transport supply chain. VinEnergo also hopes the initiative will showcase its capabilities in delivering complete clean energy solutions for future partners.
Source: The Investor, Vietnam+(1), (2), KN Holdings, VinGroup
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