KN Holdings signs clean energy pact with Samsung C&T

KN Holdings signs clean energy pact with Samsung C&T

Vietnamese conglomerate KN Holdings has signed an MoU with Samsung C&T to develop three floating solar power projects totalling 864MW, marking a major step in Vietnam–Korea energy cooperation and the country's green transition ambitions.

The projects will be located at the KN Srepok 3, KN Ialy Gia Lai, and KN Ialy Kon Tum hydropower reservoirs in Kon Tum province in Vietnam's Central Highlands region.

The Vietnam-Korea Economic Forum in Seoul on August 12

The MoU was inked at the Vietnam-Korea Economic Forum held in Seoul on August 12 as part of a high-level Vietnamese delegation's visit to South Korea.

Co-hosted by Vietnam's Ministry of Finance, Korea's Ministry of Trade, Industry and Energy (MOTIE), the Korea Chamber of Commerce and Industry (KCCI), and the Vietnamese Embassy in Korea, the forum was held under the theme 'Cooperation to Develop Production Chains in the New Era'.

The event was attended by Vietnamese General Secretary To Lam and South Korean Prime Minister Kim Min Seok, along with senior government officials and over 500 delegates representing more than 400 leading businesses from both countries.

The partnership between KN Holdingsand Samsung C&T, the construction arm under South Korean chaebol Samsung, marks a significant move towards large-scale renewable energy deployment in Vietnam.

The floating solar projects will operate under the direct power purchase agreement mechanism, allowing clean electricity to be supplied directly to major power consumers.

Representative executives of Samsung C&T and KN Holdings pose for a photo after the MoU signing

This model is expected to contribute to emission reduction efforts, accelerate the adoption of renewable energy, and support Vietnam's green energy transition goals.

A representative of KN Holdings noted that as a member of Samsung Group, Samsung C&T has extensive experience in developing large-scale renewable energy projects worldwide.

The collaboration aims to leverage advanced technologies and efficient investment models to ensure high performance and sustainable operation.

The MoU shows KN Holdings' commitment to strengthening Vietnam-Korea cooperation in the energy sector, aligned with both countries' net-zero ambitions and pursuit of a green economy.

VIR