KN Holdings, Samsung shake hands to develop floating solar power in Vietnam's Central Highlands

KN Holdings, a leading multi-sector group in Vietnam, on Tuesday signed an MoU with Samsung C&T, a subsidiary of South Korean chaebol Samsung, to deploy three floating solar power projects in Vietnam, with a total expected capacity of 864 MW.

The MoU exchange took place at the Vietnam-Korea Economic Forum as part of the state visit to South Korea by Vietnam’s Party General Secretary To Lam in Seoul.

According to the agreement, KN Holdings and Samsung C&T will jointly implement three floating solar power projects located at the KN Srepok 3, KN Ialy Gia Lai, and KN Ialy hydropower reservoirs in the Central Highlands of Vietnam.

These projects will operate under the Direct Power Purchase Agreement (DPPA) mechanism, prioritizing the supply of clean electricity to large consumers. The initiative aims to reduce greenhouse gas emissions, promote the use of renewable energy, and support Vietnam's transition toward a green energy economy.

A representative from KN Holdings noted that Samsung C&T has extensive experience in executing large-scale renewable energy projects globally. The two companies will work together to implement KN Holdings' floating solar projects, leveraging advanced technologies to optimize investment efficiency and operational performance.

The MoU signing at the forum, a high-level event co-chaired by leaders from both countries, marks a significant step in KN Holdings’ clean energy development strategy, he said.

“It reflects a new direction in Vietnam-South Korea energy cooperation, in line with both countries' commitments to emissions reduction and green economic development,” he stated.

The forum was attended by Vietnam’s Party General Secretary To Lam, South Korean Prime Minister Kim Min Seok, senior leaders from both countries, over 400 leading enterprises, and more than 500 delegates from the two nations.

It was jointly organized by the Ministry of Finance of Vietnam in coordination with the Ministry of Trade, Industry and Energy of Korea (MOTIE), the Korea Chamber of Commerce and Industry (KCCI), and the Embassy of Vietnam in South Korea.