Category: 3. Business

Transaction to support continued growth of leading provider of engineered solutions for electric transmission, telecom, and data center infrastructure

Existing investor Blackstone will retain significant minority stake
 
Alvarado, Texas; San Francisco & Fort Worth, Texas; New York – February 6, 2026 – TPG, a leading global alternative asset management firm, today announced that it has signed definitive agreements to acquire a majority stake in Sabre Industries, Inc. (“Sabre” or the “Company”). TPG will make the investment through TPG Rise Climate, the firm’s dedicated climate investing platform. Funds managed by Blackstone Energy Transition Partners (“Blackstone”), which first invested in Sabre in 2021, will retain a significant minority stake and continue Blackstone’s partnership with the Company.
 
Sabre is a leading provider of highly-engineered critical infrastructure solutions for power utilities, telecom, and data centers. Founded in 1977 and headquartered in Alvarado, Texas, the Company designs, engineers, and manufactures advanced electrical transmission and distribution structures, wireless towers and associated components, integrated electrical enclosures, and related structures through a fully integrated engineering and manufacturing platform. Sabre’s utility business, its largest segment, supports the modernization and reliability of America’s electrical grid. Its integrated enclosures are increasingly used to meet the demands of large-scale data center projects, supporting the nation’s buildout of digital infrastructure. With approximately 2,800 employees and over 2.3 million square feet of purpose-built domestic manufacturing space, Sabre is trusted by leading utilities and infrastructure partners to deliver high-reliability execution for projects that modernize and strengthen the U.S. electrical grid, telecom, and data center infrastructure.
 
“Sabre’s platform leverages engineering, manufacturing, and technical expertise to support the mission-critical infrastructure that utility, data center and telecom companies, and their customers, count on,” said Timothy Rossetti, Chief Executive Officer and President of Sabre Industries. “TPG Rise Climate’s expertise in grid modernization, power equipment, electrification solutions, and data centers, along with their understanding of the needs facing the businesses we serve, makes them the right partner to support the continued scaling and manufacturing enhancements across all aspects of our business. We look forward to continuing the success we have achieved with Blackstone as we move ahead to strengthen America’s power and communications networks.”
 
“Sabre’s diverse offerings play a vital role in strengthening the infrastructure that underpins America’s rapidly changing power landscape, at a time when reliability and resilience are more critical than ever,” said Steven Mandel, Partner at TPG. “We believe there is a significant opportunity for leading equipment providers to meet rising electricity demand and modernize a grid increasingly vulnerable to extreme weather events. Sabre’s leadership in transmission and distribution, combined with its specialized enclosures for the data center market, positions the Company at the heart of these essential trends. We look forward to partnering with Tim and the Blackstone team in this next chapter.”
 
JP Munfa, Senior Managing Director at Blackstone, said: “During Blackstone’s investment, Sabre has advanced its longstanding position as a trusted provider of highly engineered, mission-critical solutions for the infrastructure that support our daily lives – significantly increasing production capacity in its utility segment, expanding its integrated enclosure offering into the data center sector, and growing backlog to record levels, all while maintaining the company’s longstanding track record of superior quality, customer service, and engineering certainty.  We look forward to continuing our partnership, together with Tim, the management team, and TPG, to support Sabre’s continued growth and innovation.”
 
The transaction is expected to close by the second quarter of 2026, subject to customary approvals and closing conditions. Terms of the transaction were not disclosed.
 
Latham & Watkins LLP and Kirkland & Ellis LLP served as legal counsel to TPG. Harris Williams, Jefferies, and Wells Fargo acted as financial advisors and Vinson & Elkins acted as a legal advisor to Sabre and Blackstone.
 
About Sabre Industries, Inc.
Sabre Industries is a leading provider of highly-engineered critical infrastructure for power utilities, data center, and telecom. Recognized for precision engineering, unrivaled quality, and elite service, Sabre delivers engineered structures mission-critical service providers can count on to power communities and connect people. For more information, please visit www.sabreindustries.com.
 
About TPG Rise Climate
TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. With dedicated pools of capital across private equity, transition infrastructure, and the Global South, TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals around the world, the strategic relationships and insights developed across TPG’s broad portfolio of climate companies, and a global network of executives, advisors, and corporate partners. As part of TPG’s $31 billion global impact investing platform, TPG Rise Climate invests broadly across the climate sector, with a focus on building and scaling leading climate solutions across the following thematic areas: clean electrons, clean molecules and materials, and adaptive solutions.
 
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the growing needs of the global community. In the process, we work to build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
 
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
 
Contacts
 
For TPG:
Ari Cohen
[email protected]
 
For Blackstone:
Matt Anderson
[email protected]
 
Hallie Dewey
‍[email protected]
 
Jennifer Heath
‍[email protected]

• Positive 12-month results from the VOLT-AF IDE Study presented at the AF Symposium and simultaneously published in JACC: Clinical Electrophysiology, reinforce the Volt™ Pulsed Field Ablation (PFA) System’s industry-leading success rate for treating AFib¹
• New data from the FOCALFLEX CE Mark trial demonstrate the safety and efficacy of the TactiFlex™ Duo Ablation Catheter, Sensor Enabled™, to significantly reduce AFib episodes for complex cases²

ABBOTT PARK, Ill., Feb. 6, 2026 /PRNewswire/ — Abbott (NYSE: ABT) today announced new clinical data from two late-breaking presentations at AF Symposium in Boston (February 5-7, 2026) that demonstrate the strong safety and efficacy of the company’s minimally invasive therapies to treat people with atrial fibrillation (AFib). The results include 12-month findings that reinforce the long-term safety and performance of Abbott’s Volt™ Pulsed Field Ablation (PFA) System, which were simultaneously published in JACC: Clinical Electrophysiology. Positive results were also presented on Abbott’s TactiFlex™ Duo Ablation Catheter, Sensor Enabled™, a dual-energy, focal ablation catheter engineered to allow physicians to tailor how they deliver AFib therapy.

Sustained performance of the Volt PFA System
Twelve-month data from the VOLT-AF Global IDE study found that the Volt PFA System had an industry-leading success rate (84.2%) of freedom from documented rhythm recurrence among all competitive PFA products to treat AFib episodes that come and go (Paroxysmal AFib or PAF).¹

Volt also delivered strong results as a treatment option for AFib episodes that last longer than seven days (Persistent AFib or PersAF), with nearly 68% of patients remaining free from an additional episode following a Volt ablation.¹ 

Additional key findings of the single-arm trial conducted at approximately 40 centers in the United States, Europe, Canada and Australia through one year include: ¹

• Physicians were able to use fewer therapy applications (just 4.6 applications per vein on average) than other on-market competitive PFA systems.
• The trial found less than 6% of patients required a repeat ablation, one of the lowest rates in the industry.
• Patients reported a significant improvement in quality-of-life (QoL) as measured by the Atrial Fibrillation Effect on QualiTy-of-life (AFEQT) score. This self-assessment – which evaluates changes to a person’s overall symptoms and social well-being – show scores rose from 63.6 to 91.4 for PAF patients treated with Volt and from 64.2 to 91.4 for PersAF patients. The study also found zero patient complications related to either an unintended injury to the esophagus, or the breakdown of red blood cells (hemolysis), which can cause sudden kidney damage.

“The data for Volt confirms what I see firsthand in the procedure room with this next-generation PFA device,” said Atul Verma, M.D., director of the Division of Cardiology at McGill University Health Centre and McGill University in Montreal, Canada, who treated patients as part of the VOLT-AF IDE study and presented the late-breaking data at AF Symposium. “The system’s unique design enables a high degree of freedom from AFib for patients, and its impressive safety profile reduces PFA-specific complications such as hemolysis, which negatively impacts other parts of the body.” 

The Volt PFA System secured U.S. Food and Drug Administration (FDA) approval and CE Mark in Europe last year. Commercial cases have begun in the U.S. and expansion in Europe continues. 

Strong data supports TactiFlex Duo Ablation Catheter, Sensor Enabled
Six-month data presented from the FOCALFLEX Global CE Mark trial confirmed the safety and effectiveness of TactiFlex Duo for treating more complex cases of AFib. The trial found a clinically meaningful success rate (81%) of freedom from documented rhythm recurrence among PAF patients. ²

Patient self-reported quality-of-life scores also climbed from 64.4 to 86.4.² This data from more than 20 centers in the European Union, United Kingdom and Australia contributed to the device’s recent CE Mark approval. 

TactiFlex Duo is designed for focal ablation, using a dual-energy platform, which gives physicians the ability to tailor AFib therapy delivery in two ways instead of a single energy mode. Experts use the catheter to target and treat an irregular heart rhythm with either extreme heat (radiofrequency) or high-energy electrical pulses (PFA) based on a patient’s individual needs and anatomy, including the most challenging cases. 

In addition to the CE Mark study, Abbott also completed enrollment last year for the FLEXPULSE Global IDE trial to evaluate TactiFlex Duo as an AFib therapy. Last October, the FDA granted Breakthrough Device Designation for TactiFlex Duo to treat Ventricular Tachycardia – a potentially life-threatening fast heart rate requiring immediate medical attention – using PFA.

“With the rising rates of AFib around the world, data from the Volt PFA and TactiFlex Duo trials help empower physicians with further confidence in using these devices to treat people with AFib – from the recently diagnosed to the most complex cases,” said Christopher Piorkowski, M.D., chief medical officer of Abbott’s electrophysiology business. “These studies help solidify our treatment offerings for AFib as we strive to challenge the status quo to develop even better tools that physicians can rely on to care for their patients.” 

In addition, a late-breaking data presentation on Abbott’s Amulet device will be presented on Friday, Feb. 6 between 5:30 – 7 p.m. Eastern from the VERITAS Amulet 360 Pivotal Study.

For U.S. important safety information go to:
Volt™ PFA System 
https://www.cardiovascular.abbott/us/en/ep-clinical-evidence/volt-clinical-evidence.html

TactiFlex™ Duo Ablation Catheter, Sensor Enabled™ is approved for investigational use only in the U.S.

About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 115,000 colleagues serve people in more than 160 countries. 

Connect with us at www.abbott.com and on LinkedIn, Facebook, Instagram, X and YouTube. 

¹ Verma, A. (2026, February 5) 12-Month Safety and Effectiveness of a balloon-in-basket PFA system for de novo PVI to treat PAF and PsAF: Results from the VOLT-AF IDE Study [Late Breaking Presentation]. AF Symposium 2026, Boston MA, USA.
² Deisenhofer, I. (2026, February 5) Safety and Effectiveness of the TactiFlex Duo System: 6-Month Results of the FOCALFLEX Study [Late Breaking Presentation]. AF Symposium 2026, Boston MA, USA.

SOURCE Abbott

Acquisition will strengthen Broadridge’s execution management offering and advance its mission to deliver highly connected, multi-asset trading solutions worldwide

NEW YORK and LONDON, Feb. 6, 2026 /PRNewswire/ — Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR), today announced that it has entered into an agreement to acquire CQG, a leading provider of futures and options trading, execution management, and market connectivity. CQG will add complementary execution management, algorithmic trading, and analytics capabilities to Broadridge’s order management and client connectivity solutions, creating an end-to-end trading suite for global futures and options markets.

“The acquisition of CQG will accelerate Broadridge’s mission to deliver advanced, highly connected trading solutions on a global scale,” said Frank Troise, President of Broadridge’s Trading and Connectivity Solutions business. “Integrating CQG’s advanced execution management, analytics, and connectivity technologies with Broadridge’s leading order management and connectivity solutions will create a unified platform in futures and options that simplifies trading complexity, improves transparency and workflow efficiency, and enhances Broadridge’s digital asset trading capabilities.”

“We are truly excited to combine CQG’s nimble approach and powerful front-office execution management, analytics and connectivity solutions with Broadridge’s deep global reach and front-to-back capabilities,” said Ryan Moroney, CEO of CQG. “The trading experience of our collective clients will be defined by speed, intelligence, and scale, enabling them to trade smarter, access new markets, and adapt faster in an increasingly dynamic marketplace. The CQG team is truly excited to join a company with the history and successful track record of Broadridge.”

The expanded offering is designed to better support the evolving needs of clients across a broad spectrum of segments, including FCMs, institutional investors, retail brokers, proprietary trading firms, CTAs, and hedge funds. Clients will benefit from flexible, scalable solutions designed to support their growth objectives, accelerate speed to market, and deliver a powerful, fully integrated trading experience for both institutional and professional retail market participants.

The acquisition also accelerates Broadridge’s ongoing innovation strategy across asset classes, spanning futures and options, FX, and digital assets. Aligning CQG’s agile development approach with Broadridge’s global scale will enable the delivery of new functionality faster, while driving continuous value creation for clients worldwide.

Under the agreement, Broadridge will acquire CQG’s core global trading technology business through the purchase of CQG, LLC and certain affiliated operating entities and assets. Terms of the transaction were not disclosed. The transaction is not expected to have a material impact on Broadridge’s financial results and is expected to close in early in Broadridge’s fiscal fourth quarter subject to customary closing conditions, including regulatory approvals.

About Broadridge
Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over $15 trillion in equities, fixed income, and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries.

For more information about us, please visit www.broadridge.com

About CQG
CQG provides the industry’s highest performing solutions for traders, brokers, commercial hedgers and exchanges for their market-related activities globally, including trading, market data, advanced technical analysis, risk management, and account administration. The firm partners with the vast majority of futures brokerage and clearing firms and provides Direct Market Access (DMA) to more than 45 exchanges through its global network of co-located Hosted Exchange Gateways. CQG technology serves as the front end for a variety of exchanges and is increasingly employed as the over-the-counter matching engine for important new markets. CQG’s server-side order management tools for spreading, market aggregation, and smart orders are unsurpassed for speed and ease of use. Its market data feed consolidates 85 sources, including exchanges worldwide for futures, options, fixed income, foreign exchange, and equities, as well as data on debt securities, industry reports, and financial indices. One of the longest-serving technology solutions providers in the industry, CQG has won numerous awards for its trading software, technical analysis and multi-asset trading platform. CQG is headquartered in Denver, with sales and support offices and data centers in key markets globally, providing services in more than 60 countries. For more information, visit www.cqg.com.

Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be,” “on track,” and other words of similar meaning, are forward-looking statements. In particular, information about the impact of the acquisition of CQG are forward-looking statements.

These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended June 30, 2025 (the “2025 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2025 Annual Report.

There may be other factors that may cause our actual results to differ materially from the forward-looking statements. Our actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. We can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition.

Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.

Contacts:

Investors:
[email protected]                                                           

Media:
Gregg Rosenberg
Global Head of Corporate Communications
[email protected]

SOURCE Broadridge Financial Solutions, Inc.

Global law firm White & Case LLP has advised the Development Bank of Japan (DBJ), a financial institution owned by the Government of Japan, on its collaboration with Singapore-based non-profit organization the Global Centre for Maritime Decarbonisation and AIM Horizon Investments, a Singapore-based fund manager specializing in maritime and aviation funds, to establish the Fund for Energy Efficiency Technologies (FEET).

“This transaction highlights our commitment to supporting the DBJ in its efforts to promote sustainable practices in the maritime sector and demonstrates the strength of our cross-border funds and energy transition teams,” said White & Case partner Eriko Sakata, who led the Firm’s team. “Our advice on this collaboration played a role in advancing innovative financing solutions for energy efficiency in shipping.”

The DBJ subscribed for preferred shares issued by FEET, which aims to provide financing to shipowners to install energy-efficient technologies on their vessels.

White & Case advised on various commercial and legal risks related to the DBJ’s investment, as well as related fund documents and negotiation of fund terms with the fund manager, ensuring alignment between considerations specific to the sector and general fund practice established globally.

The White & Case team in Tokyo which advised on the transaction was led by partner Eriko Sakata and included associate Mao Muraguchi.

Press contact
For more information please speak to your local media contact.

Lloyd’s Register (LR) has further enhanced its capabilities in China and deepened its commitment to Chinese clients, with the announcement of three new senior appointments. 

LR’s strengthened leadership team brings together commercial, technical and customer expertise to provide consistent technical assurance and senior-level client engagement across the region. 

Tianxiang Li (TX), LR’s Director of Global Technical Support Office (TSO), has been appointed as President for Greater China. He will lead senior client relationships and strategic engagement, strengthening alignment between LR’s global technical leadership and the priorities of Chinese owners, yards and designers.  

TX brings extensive experience to this role, having joined LR in 2008 and held leadership positions in the Technical Support Office since 2011. Appointed Global TSO Director in 2022, he has provided leadership across technical, resource and capability challenges, ensuring globally consistent support for LR’s clients. Before LR, TX worked as a Consultant Naval Architect. 

Elina Papageorgiou, who currently serves as President for Greece and Cyprus and most recently held the role of Global Strategic Growth Director looking after LR’s most prominent global clients, now expands her remit to become Global Client Director.  

Based in LR’s Shanghai office, Elina is responsible for shaping global client strategies and driving growth across key international markets, with a strong focus on strengthening partnerships in strategically important regions and building long-term client value. She also leads a dedicated team that acts as the primary point of contact for shipowners building in China, ensuring a consistently positive client experience throughout the build process with LR. 

With more than two decades of experience in shipping and classification, Elina will work closely with both global and Chinese shipowners, shipbuilders, and maritime stakeholders, reinforcing long-term relationships, ensuring a positive client experience and supporting sustainable growth both regionally and globally. 

In addition, Nikos Tsatsaros has been appointed Head of the Technical Performance Group for Lloyd’s Register in Greater China, based in Shanghai. Bringing more than 20 years’ experience across ship surveying, newbuilding, and commercial roles, he will lead teams responsible for technical governance, performance oversight, and compliance across LR’s extensive survey and newbuilding portfolio.  

Nikos’ role reinforces LR’s position as a trusted partner to shipyards and shipowners, particularly as China accelerates investment in high-capacity facilities, green technologies, digitalisation, and next-generation vessels. 

Mark Darley, LR’s Chief Operations Officer, said: “These appointments demonstrate our belief that strong relationships, deep technical credibility, and an open, collaborative culture are fundamental to helping clients succeed.  

“By placing experienced leaders at the heart of decision-making, we are strengthening long-standing partnerships with the Chinese maritime community and supporting our global focus on partnership-led growth. This people-first approach ensures we continue to act as a trusted adviser to the maritime industry in China and beyond.” 

LR has supported the Chinese shipping industry for more than 150 years and today works with a number of the country’s leading shipyards and owners, especially on pioneering vessel projects such as ammonia fuelled bulk carriers, next generation LNG carriers and other state-of-the-art ship types in China.

With a standardized legal framework for eco-industrial parks now in place, Vietnam’s green transition is increasingly being shaped by how policies translate into on-the-ground implementation. While Part One of this series examined the regulatory foundations and evolution of eco-industrial park (EIP) policy, this second article focuses on the practical mechanisms by which industrial parks reduce emissions, improve resource efficiency, and strengthen competitiveness.

---

Across Vietnam, industrial park developers and tenants are accelerating the adoption of renewable energy, circular economy practices, and internationally recognized green standards. Rooftop solar systems, on-site renewable generation, industrial symbiosis, and certification tools are becoming central to how industrial parks respond to tightening ESG requirements, carbon-related trade measures, and investor expectations.

Together, these developments illustrate how Vietnam’s industrial parks are moving beyond compliance-driven sustainability toward more integrated, market-oriented green infrastructure models, positioning them as a critical platform for the country’s broader net-zero and export competitiveness objectives.

See also: Green Transition in Vietnam’s Industrial Parks: Policy Foundations

Increasing renewable energy use in industrial parks

Potential for renewable energy in Vietnam’s industrial parks

With a 3,260-kilometer-long coastline and tropical monsoonal climate, Vietnam has abundant renewable energy resources. These conditions also make it particularly vulnerable to the effects of climate change, creating an urgent need to reduce emissions and adapt to climate change.

According to Decision No. 768/QD-TTg (“Decision 768”), Vietnam’s total technical potential for different types of renewable energy is as follows:

• 221,000 MW for onshore;
• 600,000 MW for offshore wind; and
• 963,000 MW for solar power, which includes:
  • Ground-mounted solar potential of approximately 837,400 MW;
  • Water-based solar potential of approximately 77,400 MW; and
  • Rooftop solar potential of approximately 48,200 MW.

As of 2025, Vietnam’s total installed solar energy capacity reached 16000 MW, while the total installed capacity of onshore wind reached 8,000 MW.

In Decision 768, the country outlines a range of renewable energy targets, including:

• Increasing onshore wind capacity to 21,880 MW by 2030;
• Increasing offshore wind capacity to 6,000 MW and to between 70,000 MW and 91,500 MW by 2050; and
• Increasing the total capacity of solar power sources to 12,836 MW by 2030, and to between 168,594 MW and 189,294 MW by 2050.

Vietnam Renewable Power Generation Capacity Targets (Decision 768)
Power Source	2030 (total capacity MW)	2030 (% of total)	2050 (total capacity MW)	2050 (% of total)
Onshore wind	21,880	14.5	60,050-77,050	12.2-13.4
Offshore wind	6,000	4.0	70,000-91,500	14.3-16.0
Solar power	12,836	8.5	168,594-189,294	33.0-34.4
Biomass and waste-to-power	2,270	1.5	6,015	1.0-1.2
Hydropower	29,346	19.5	36,016	6.3-7.3
Pumped storage hydropower	2,400	1.6	–	–
Battery storage	300	0.2	30,650-45,550	6.2-7.9

Inter-regional renewable energy hubs and industrial park integration

In addition to the renewable energy targets, Decision 768 aims for the construction of two “inter-regional renewable energy industrial and service centers” by 2030, to be established in areas with high potential, such as Northern Vietnam, South Central Vietnam, and Southern Vietnam. Key features of these centers include:

• Large-scale renewable power generation, with each center hosting power plants with a capacity of 2,000–4,000 MW, primarily based on offshore wind energy.
• Integrated renewable energy industrial ecosystems, including factories producing renewable energy equipment and new energy technologies.
• Supporting industries and services, covering the manufacturing of equipment and transport means, construction and installation services for renewable energy projects, and related supply chains.
• Green and low-carbon industrial parks, designed to cluster renewable energy users, manufacturers, and service providers.
• Research, development, and training facilities, aimed at building domestic technical capacity and a skilled workforce for the renewable energy sector.

Current landscape: On-site renewables in Vietnam’s industrial parks

One of the most promising areas for renewable energy development within industrial parks is the adoption of rooftop solar. This solution enables faster, easier adoption of renewables by companies, as they can develop their own decentralized internal grids and do not need to rely on slower, more incremental increases in renewables within the grid’s overall energy mix.

A prime example of this is the LEGO Group, which in April 2025 inaugurated its most environmentally friendly manufacturing facility to date, according to the company. It aima to run on 100 percent renewable energy by 2026, partly through the power generated from its 12,400 rooftop solar panels. The company also signed an agreement with Vietnam-Singapore Industrial Park (VSIP) for an energy center on adjacent land, which the company says will house the first battery storage solution of its scale in Vietnam and will be operational by the end of 2025.

According to the Ministry of Industry and Trade (MIT), the total rooftop power capacity in industrial parks exceeded 3,200 MWp between 2024 and 2025, with around 25 percent of the systems integrating battery energy storage systems (BESS). The MIT estimates that the technical potential of rooftop solar power in industrial parks to be over 40,000 MWp, with the possibility for around 20,000 MWp to be implemented by 2030.

While development is slower due to higher upfront costs and logistical constraints, some industrial parks have also begun to develop their wind power capacity. In 2021, DEEP C, an industrial zone and port infrastructure cluster in Haiphong and Quang Ninh provinces operated by the Belgian company DEEP C Holdings, inaugurated a 100-meter wind turbine to supply 2.3 MW of electricity to its internal power grid.

Meanwhile, VSIP III, an industrial park in Binh Duong which commenced operations in 2024, has built a 50-hectare solar farm within the park, enabling it to use solar power as an alternative to the national grid.

See also: Green Incentives in Vietnam: An Overview for Investors

Circular economy and industrial symbiosis

At the heart of Vietnam’s EIP requirements

Core to the development of Vietnam’s EIPs is the development of a circular economy and industrial symbiosis within the parks. Rather than operating as isolated production sites, industrial parks are increasingly expected to function as integrated ecosystems, where energy, water, and materials are reused and shared to reduce waste, lower costs, and cut emissions.

Industrial symbiosis is a core requirement for an industrial park to be officially recognized as an EIP and thereby qualify for preferential policies. Under Decree 9716, enterprises located within an industrial park must collectively implement at least one industrial symbiosis initiative, while participating firms are required to apply internationally recognized production and environmental management systems, such as relevant ISO standards.

In practice, this means waste, by-products, wastewater, or excess energy from one company must be reused as inputs by another, embedding circularity directly into industrial operations rather than treating it as a peripheral sustainability measure.

Flagship projects and on-the-ground implementation

DEEP C Industrial Zones

Several pilot projects demonstrate how this approach is being translated into practice. In November 2025, with support from the UNDP and the Dutch Embassy, the DEEP C Industrial Zones in Hai Phong launched a pilot on industrial wastewater reuse, establishing a closed-loop system for treating and reusing industrial wastewater. Using advanced nano-membrane filtration and reverse osmosis technology, treated water meets high-quality standards and is reused within the industrial zone for applications such as cooling systems and solar panel cleaning.

Nam Cau Kien Industrial Park

Meanwhile, the Nam Cau Kien Industrial Park in Hai Phong has pursued an ecological model from the earliest stages of development, investing upfront in wastewater treatment, green infrastructure, and symbiotic industrial chains.

The park’s wastewater treatment plant, with a capacity of 2,000 cubic meters per day, reuses up to 25 percent of treated water internally, while green space accounts for more than one-third of the park’s total area.

More notably, Nam Cau Kien operates multiple closed-loop industrial chains, in which steel slag is recycled into construction materials, plastic waste is processed and reused on-site, and electronic circuit boards are dismantled to recover valuable raw materials. These symbiotic relationships reduce disposal costs and transform waste into productive inputs, creating a largely self-contained industrial ecosystem.

Role of international partners in scaling industrial symbiosis

International development partners have also played a key role in scaling up industrial symbiosis across Vietnam. Between 2020 and 2023, programmes supported by SECO, UNIDO, and the MPI assisted industrial parks in Ho Chi Minh City, Hai Phong, and Dong Nai in their transition towards EIPs, while developing business cases for industrial symbiosis in Da Nang and Can Tho.

These interventions focus on improving resource productivity through energy efficiency, renewable energy use, advanced water and wastewater technologies, and material recovery systems.

In Hoa Khanh Industrial Park, for example, cleaner production measures delivered significant savings in energy, water and waste, while pilot symbiosis projects, such as the reuse of biogas from a brewery’s wastewater treatment plant by a nearby energy company, demonstrated both environmental and commercial viability.

I-RECs and green certification

I-RECs as an interim tool for corporate decarbonization

Industrial parks in Vietnam are also increasingly assisting tenant companies in obtaining International Renewable Energy Certificates (I-RECs) to encourage the uptake of renewable energy and support corporate decarbonization commitments. I-RECs, which are internationally recognized certificates that verify the generation of one megawatt-hour (MWh) of electricity from a renewable energy source, are becoming an important interim tool for export-oriented manufacturers seeking to meet global ESG and supply chain disclosure requirements.

Some industrial parks are beginning to play an active facilitation role. According to DEEP C’s 2024 sustainability report:

• 5,821 I-RECs were issued in 2024 based on renewable electricity generated in 2023.
• Of this total, 3,378 I-RECs were issued from solar power and 2,443 I-RECs from wind power.
• For renewable electricity generated in 2024, DEEP C expects to issue approximately 5,730 I-RECs, broadly in line with the previous year’s volume.

By aggregating on-site and affiliated renewable generation and managing certification processes, such parks lower administrative barriers for tenants and accelerate the adoption of clean energy within industrial zones.

LEED certification and green industrial buildings

Alongside renewable energy certification, industrial parks are increasingly adopting green building standards certified under LEED (Leadership in Energy and Environmental Design) and other international frameworks. LEED is one of the world’s most widely used green building certification systems, assessing buildings across criteria such as energy and water efficiency, materials, indoor environmental quality, and overall environmental impact.

However, Vietnam’s industrial parks still lag behind in the development of green buildings. According to KTG Industrial, an industrial real estate developer, only around 2 to 3 percent of industrial parks in Vietnam currently qualify as “eco-industrial parks”, while more than 50 percent of buildings across the broader industrial sector meet green building standards. However, demand is evident, with up to 70 percent of FDI companies willing to pay rents 7-10 percent higher for green production spaces, according to KTG Industrial.

Several projects illustrate how this demand is beginning to translate into practice. For example:

• VSIP Bac Ninh 2 (Phase 1): Developed by KTG Industrial, the project has achieved LEED Gold certification, setting a benchmark for large-scale, high-quality industrial developments in Vietnam.
• Prodezi Eco-Industrial Park, Long An: The 400-hectare park has positioned green buildings as one of four core pillars of its development strategy, supported by an investment exceeding US$195 million.

Developers embed green standards into industrial projects

Professional industrial developers are also embedding green standards more systematically. KCN Vietnam, an industrial property developer, has committed to aligning new projects with international green building benchmarks to deliver more energy-efficient and environmentally friendly facilities. Its first project developed under these standards is Phase 2 of its project in DEEP C – Hai Phong, which is targeting LEED Silver certification. The project is designed to save up to 25 percent in energy use and reduce water consumption by around 10 percent, while significantly lowering carbon emissions compared to conventional industrial buildings.

In October 2024, KCN Vietnam broke ground on the first phase of a high-quality ready-built warehouse project in Nhon Trach VI Industrial Park – Zone D, Dong Nai Province. Spanning 14.5 hectares with over 97,000 square metres of leasable space, the project is being designed to meet LEED Gold standards, in line with growing demand from global logistics and manufacturing investors for sustainable facilities.

Scheduled for completion in 2025, the development is expected to strengthen Dong Nai’s attractiveness as an FDI destination while reinforcing the broader shift toward greener, more competitive industrial infrastructure in Vietnam.

Scaling Vietnam’s green industrial parks

Vietnam’s industrial parks sit at the center of both the country’s economic growth model and its transition toward a lower-carbon future. As global manufacturers increasingly prioritize ESG compliance, renewable energy access, and circular production models, the greening of industrial parks is no longer a niche policy objective but a core competitiveness issue. The expansion of EIPs, the rising adoption of renewable energy, the growing use of I-RECs, and green building certifications collectively point to a gradual yet tangible shift in how industrial infrastructure is planned and operated.

Government policy has played a central role in this transition. Through Decree 35 and its amendments, Vietnam has moved beyond pilot projects to establish a formal framework for EIPs, supported by preferential policies such as land-rent incentives, access to concessional green finance, eligibility to issue green bonds, and priority status in investment promotion. While meeting EIP criteria requires higher upfront investment and stronger coordination among park developers and tenants, these costs are increasingly offset by improved access to capital, stronger FDI demand, and greater resilience to tightening global climate regulations.

Looking ahead, the challenge will be scaling these models across Vietnam’s rapidly expanding industrial park network. Continued policy clarity, sustained international cooperation, and deeper integration of renewable energy and circular economy practices will be critical to ensuring that Vietnam’s industrial growth remains aligned with its net-zero ambitions and long-term export competitiveness.

 

Global power demand is set to grow by more than 3.5% per year on average over the rest of this decade, with electricity generation from renewables, natural gas and nuclear all expanding to keep pace, according to a new IEA report.

Electricity 2026, out today, is the IEA’s annual report on global electricity systems and markets. It provides in-depth analysis of recent trends and policy developments, and includes forecasts for electricity demand, supply and carbon dioxide (CO₂) emissions over the five-year period through 2030.

According to the report, electricity demand is on course to grow at least 2.5 times as fast as overall energy demand through 2030 as the Age of Electricity takes hold. This is driven by rising industrial use of electricity, the continued uptake of electric vehicles, higher air conditioning use and the expansion of data centres and AI. While emerging and developing economies remain the main engines of electricity demand growth, consumption from advanced economies is also rising after 15 years of stagnation – contributing to a fifth of the total increase in power demand through 2030.

The report finds that global electricity generation from renewables − boosted by record deployment of solar PV – is now in the process of overtaking generation from coal, after virtually drawing level with it in 2025 based on the latest available data. Nuclear power output also rose to a new record. The momentum behind low-emissions sources of generation continues to 2030, by which time renewables and nuclear are together set to generate 50% of global electricity, up from 42% today.

Natural gas-fired output is also set to grow through 2030, supported by rising electricity demand in the United States and the continuing shift from oil to gas for power in the Middle East. Coal‑fired generation loses ground globally as renewables expand, returning to 2021 levels by the end of the decade. As a result, global CO₂ emissions from electricity generation are expected to remain roughly flat between now and 2030.

The report emphasises that these trends – growing demand, an increasingly weather-dependent mix of power generation sources, and evolving electricity consumption patterns and technologies – require a rapid and efficient expansion of both electricity grids and system flexibility. Today, more than 2 500 gigawatts worth of projects – encompassing renewables, storage, and projects with large loads, such as data centres – are currently stalled in connection queues worldwide.

New analysis in the report finds that as the expansion of grids advances, deploying grid-enhancing technologies and implementing regulatory reforms that enable more flexible grid connections and usage could allow for the integration of up to 1 600 gigawatts of queued projects in the near term. Together, these measures would allow the grid to be used more efficiently and unlock substantial capacity.

“At a moment of significant uncertainty across energy markets, one certainty is that global electricity demand is growing much more strongly than it did over the past decade. In this Age of Electricity, the increase in global power consumption through 2030 is set to be equivalent to adding more than two European Unions,” said IEA Director of Energy Markets and Security Keisuke Sadamori. “Meeting this demand will require annual investment in grids to rise by 50% by 2030. Expanding flexibility will also be crucial as power networks continue to evolve – so will a strong focus on security and resilience.”

The report finds that installations of utility-scale battery storage have risen sharply, providing an important source of short-term flexibility. Markets such as California, Germany, Texas, South Australia and United Kingdom have all seen strong growth in utility-scale battery capacity deployment in recent years.

Electricity 2026 also notes that the affordability of electricity remains a key and growing concern. Household electricity prices in many countries have risen faster than incomes since 2019. Elevated prices are also putting pressure on industries and businesses. As a result, policymakers are focusing on policies, market designs and regulations that deliver not just additional investment but also greater flexibility and efficiency across all parts of the power system, including demand, supply and the use of infrastructure.  

According to the report, greater efforts are needed to improve the security and resilience of power systems around the world, which face rising risks associated with ageing infrastructure, extreme weather events, cyberthreats and other emerging vulnerabilities. Modernising how systems operate, as well as strengthening the physical protection of critical infrastructure, will be essential to countering these threats, the report emphasises.

Mumbai CFS

Baker McKenzie has advised Flowserve, a leading provider of flow control products and services for the global infrastructure markets, on its definitive agreement to acquire Trillium Flow Technologies’ Valves Division (“TVD”), a market leading provider of highly engineered mission-critical valves used in nuclear and traditional power generation, industrial, and critical infrastructure applications for USD 490 million in cash.

The acquisition will expand Flowserve’s reach in both conventional and emerging markets by integrating TVD’s highly specialized valve and actuation product portfolio, differentiated power and nuclear technology, and scalable service offerings. The transaction is expected to close in the second quarter of 2026.

The cross-border Baker McKenzie Transactional team was led by Partners, John Quattrocchi and Tanner Bodine (Dallas) and Robert Gray (London), and also included Senior Associates, Priya Shah (London) and Theodora Volsky (Dallas).