PHILIPPINES’ MERALCO POWERGEN TARGETS WORLD’S BIGGEST SOLAR FARM
INDUSTRIAL POLICIES PUSH CHINA’S SOLAR ENERGY TO RECORD LEVELS
WHAT’S HOLDING BACK INVESTORS FROM INDONESIA’S RE BOOM?
CAN SOUTHEAST ASIA’S COAL PLANTS PHASE OUT PROFITABLY BY 2040?
VIETNAM’S WEAK GRID A BARRIER TO DIRECT POWER PURCHASE POLICY
Fluence is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. With a presence in APAC since 2018, the Fluence team has more than 16 years of global energy storage deployment experience, including the deployment of the industry’s first utility-scale system in 2008. OF ENERGY STORAGE
7.6+ GW
22.3+ GW
Blog | Three reasons to avoid self-Integration of battery-based energy storage systems
Blog | Why large-scale fire testing is needed for battery energy storage safety
Fluence has delivered battery-based energy storage systems in four major energy markets: Australia, the Philippines, India, and Taiwan. We continue to support our customers in achieving their business goals, and accelerating the region’s clean energy transition with advanced technology and industry-leading safety.
PUBLISHER & EDITOR-IN-CHIEF Tim Charlton
EDITORIAL MANAGER Tessa Distor
PRODUCTION EDITOR Eleennae Ayson
LEAD JOURNALIST Vincent Mariel Galang
PRODUCTION TEAM Noreen Jazul
Lady Jo-An Llorin
Ibnu Prabowo
Joanne Christine Ramos Anlene Rosales
EDITORIAL RESEARCHER Angelica Rodulfo
GRAPHIC ARTIST Emilia Claudio
COMMERCIAL TEAM Jenelle Samantila Dana Cruz
ADVERTISING Shairah Lambat shairah@charltonmediamail.com +65 3105 1200 ext. 402
AWARDS Julie Anne Nuñez awards@charltonmediamail.com
ADMINISTRATION Eucel Balala accounts@charltonmediamail.com
EDITORIAL ap@charltonmediamail.com
SINGAPORE
101 Cecil St., #17-09 Tong Eng Building, Singapore 069533 +65 3158 1386
HONG KONG
Room 1006, 10th Floor, 299 QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong +852 3972 7166
MIDDLE EAST
FDRK4467,Compass Building,Al Shohada Road, AL Hamra Industrial Zone-FZ,Ras Al Khaimah, United Arab Emirates
www.charltonmedia.com
Building a 3.5-gigawatt (GW) facility or what could become the world’s largest solar farm positions Meralco PowerGen to lead the Philippines’ energy transition. This bold plan, backed by $4b investment, will provide enough power to meet the needs of 1 in 12 Filipino households. CEO Emmanuel Rubio shares his insights on this ambitious project and more on page 16.
Between March 2023 and March 2024, GEM said China installed more solar power than it had in the previous three years combined, and more than the rest of the world combined for 2023. On page 14, experts examine how new feed tariffs, tax benefits, and other economic incentives have boosted the country’s solar expansion.
With companies worldwide rushing to ride the AI wave, someone needs to power their data centres—and Avaada is keen to take on the role. India’s $8.7b data centre market is driving demand for renewable energy as the firm targets 30GW capacity by 2030. Avaada Group Chairman Vineet Mittal shares the company’s latest projects on page 18.
We also have reports on the effects of Vietnam’s and Malaysia’s weaker power grids. In Vietnam, infrastructure gaps are hindering the game-changing potential of the new direct power purchase policy. Read what analysts have to say on page 12. Similarly, in Malaysia, the lack of large-scale energy storage is slowing the growth of solar adoption. Read the update on page 6.
Enjoy the read!
Tim Charlton
Asian Power is a proud media partner and/or host of the following events and expos:
Editorial Enquiries: If you have a story idea or press release, please email our news editor at ap@charltonmedia.com. To send a personal message to the editor, include the word “Tim” in the subject line.
Media Partnerships: Please email ap@charltonmedia.com with “partnership” in the subject line.
Subscriptions: Please email subscriptions@charltonmedia.com.
Asian Power is published by Charlton Media Group. All editorials are copyrighted and may not be reproduced without consent. Contributions are invited but copies of all work should be kept as Asian Power can accept no responsibility for loss. We will, however, take the gains.
INTERVIEW
06 Grid limits cap Malaysia’s solar at 24% of peak demand
07 Indonesia adds 90 MW with three new geothermal plants
08 Global energy efficiency stuck at 1% improvement in 2024
10 Could younger Southeast Asia coal plants be retired profitably by 2040?
11 Four major hurdles to achieving Vietnam’s PDP8 energy ambitions
18 Data centres for AI drive demand for Avaada’s clean energy
22 ACEN aims to quadruple green energy capacity by 2030
28 Load imbalances spark concerns in the JAMALI grid
20 How AboitizPower’s hybrid BESS floats to the rescue during Philippines’ grid imbalances
24 What keeps investors hesitant about Indonesia’s RE prospects
24 Singapore needs SEA neighbours to power its renewable energy transition
30 Carbon capture and storage: the bold path forward for ASEAN energy
32 Offshore wind power needs Singapore’s expertise as the region’s reliance on fossil fuels rises
Cirata reservoir’s depths conquered for the world’s largest floating farm
With shallow water depths and the best wind conditions, Taiwan presents an opportunity for offshore wind farm development. But there is a caveat: the market is located in a typhoon-prone area. To overcome this, Copenhagen Infrastructure Partners deployed Class T wind turbines for its Changfang-Xidao offshore wind projects.
A region rich in feedstock that could be used for power generation, Southeast Asia holds the potential to accelerate the use of biogas to support its energy transition. However, the region only has around one gigawatt of biogas capacity and is yet to address challenges around policy and incentives that would encourage investments in the sector.
For NEFIN Group, the next few years will be focused on getting back on track and developing its projects that were due in 2023. A total capacity of 65 megawatts had been stalled because of the surge in prices of solar components. CEO Glenn Lim explains how a delay turned out good as the company aims to reach 667 MW of capacity by 2026.
Pressures mount for less desirable energy insurance placements in the region
The energy insurance market has remained relatively stable with global uncertainties and buyers exerting significant influence. However, a closer analysis reveals a growing disparity in attractiveness amongst insurance carriers, affecting the available terms for different types of clients, as cautioned by global insurance broker, WTW.
Developing Indonesia’s first-ever floating solar power plant, which happens to be the largest in Southeast Asia, is already challenging enough. But installing it on the deepest reservoir to ever have such technology poses another layer of obstacles. Two different anchoring systems are developed to compensate for the location’s depth.
Developer-led approach poses uncertainty for S. Korea’s offshore wind
Offshore wind energy presents a significant opportunity for renewable energy growth in South Korea given its geographical constraints, but the country’s developer-led approach to deploying such projects presents some uncertainties in seeing things through. Experts believe the government can streamline the process by taking the lead.
A catalogue showcasing innovative offerings that energy utilities around the world are bringing to market.
request your access For over 35 years Gentrack has been partnering with the world’s leading utilities, and more than 60 energy and water companies rely on us.
Gentrack, with our partners Salesforce and AWS, are leading today’s transformation with g2.0, an end-to-end product-to-profit solution. Using low code / no code, and composable technology, g2.0 allows utilities to launch new propositions in days, reduce cost-to-serve and lead in total experience. www.gentrack.com
Japan’s liquefied natural gas (LNG) imports have declined by 25% over the past decade as the country shifts toward nuclear power and renewables. Despite this, Japan is urging major exporters like Canada, the United States, and Australia to increase production.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), one potential reason behind this is that Japanese buyers are re-selling the fuel into other markets at a markup. In 2022, the country resold almost 32 million tonnes of LNG to other countries.
This resale volume exceeds the annual export capacity of the three Canadian LNG projects with a combined output of 19 million tonnes per annum (MTPA).
Dealing with surplus
An IEEFA report found that two of the largest LNG buyers globally, Japan’s JERA and Tokyo GAS buying LNG from Canada, will result in a surplus of LNG supplies through 2030.
As a result, these companies are actively seeking opportunities to resell to other Asian markets and have proposed at least 30 gas and LNG-related projects in South and Southeast Asia. These actions threaten to lock in fossil fuel infrastructure in Asia for decades, rather than facilitate the region’s clean energy transition.
“This means that they will have a surplus that they have to find something to do with. Because of declining opportunities domestically, they are looking to resell that LNG to other countries,” Sam Reynolds, Research Lead for LNG/Gas in Asia at IEEFA, shared in an interview with Asian Power
“A lot of their corporate strategies suggest an outward push rather than looking for domestic opportunities,” he said.
IEEFA noted that this counterclaims Canadian LNG advocates who argue that without these energy supplies, Japan will be forced to rely on Russia or Qatar. However, Japan’s combined imports from both countries have fallen 65% since 2013 without any Canadian LNG.
LNG industry representatives often tout the role that Canadian gas exports can play in reducing Asia’s emissions by displacing coal-fired power. But neither China nor India is using LNG to replace coal.
Renewable energy is providing the biggest competition for coal in both countries. This sets up a challenging business case for Canadian LNG expansion as countries in Europe and Northeast Asia also cut demand.
Instead of building out LNG infrastructure under the guise of energy security and decarbonisation, Canadian policymakers can support renewable energy growth through diplomatic channels, not the expansion of Japanese gas interests throughout Asia.
Alack of large-scale energy storage has led Malaysia to limit solar penetration to 24% of peak demand, a move that could stall solar energy growth in the country.
“Insufficient grid infrastructure in Malaysia may hinder the growth of solar because the grid is not flexible enough to accommodate the increasing solar power supply in the coming years,” Shabrina Nadhila, think tank Ember’s electricity policy analyst for Southeast Asia, told Asian Power
Malaysia currently boasts abundant solar energy promise, with 269 gigawatts (GW) of potential capacity, but the expert warned that country should expand its present grid limitations to unlock this energy value.
Malaysia’s yearly solar capacity has grown by 17% since 2019, but it was flat at 1.94 GW in 2023, Nadhila said, citing Ember data. It targets to increase the share of renewable energy in its power mix to 70% by 2050, from about 20% now.
Solar is expected to account for a majority share at 58% or 59 GW, with gas serving as a transition fuel, according to the state’s National Energy Transition Roadmap published last year.
The government seeks to use about 5% of the country’s solar potential or 14 GW by 2035, leaving a significant amount of solar resources untapped.
In a report she wrote for Ember this
month, Nadhila said Malaysia should integrate the grids of the three regions to fast-track solar growth and enhance grid stability. Integration would let Sabah boost its power supply security, Sarawak to access more solar during the day and Peninsular Malaysia to use hydropower during evening peaks.
“Developing more domestic solar will help diversify the power mix and reduce the risks of fossil fuel supply shocks,” the Ember analyst added.
Three-quarters of the Southeast Asian country’s electricity demand comes from Peninsular Malaysia.
Nadhila noted that by using more of its abundant solar power resources, Malaysia could lower electricity prices and unlock the security benefits for its power sector.
Solar power could reliably meet Malaysia’s daytime demand, while electricity needs during the nonsolar hours could be met by using hydropower and building more storage facilities over time, she said.
Whilst expensive, investing in energy storage solutions such as battery energy storage systems is critical. Malaysia’s twin-peak demand profile allows solar power to fulfil the daytime peak, whilst hydropower and battery storage could complement solar in meeting evening peak demand, the policy analyst said.
All these policies could allow Malaysia’s three regions to excel in their solar power adoption and contribute to the national power transition target, she added.
Faster net zero ambitions
To maximise the benefits of energy storage, the state should adopt a supportive policy framework. This includes tariff structures tailored for battery storage services and clear guidelines to encourage foreign investment.
“More incentives for battery storage adoption can attract these stakeholders to initiate the deployment of battery storage in the coming years,” Nadhila said. More solar energy deployment coupled with a flexible grid will not only boost energy security but also lower prices. “Our analysis indicates that solar generation costs have fallen by 64% from 2016 to 2021,” she pointed out.
Insufficient grid infrastructure may hinder the growth of solar because the grid is not flexible enough
According to Nadhila’s findings in the Ember report, the lowest auction rates for 30-50 megawatt (MW) solar plants in Peninsular Malaysia dove by 64% to $0.029 per kilowatt-hour (kWh) from $0.082 per kWh from the start of the Large Scale Solar programme in 2016 until 2021.
“These costs represent the price at which electricity is sold upon project commissioning, with projects from auctions held between 2016 and 2021 starting to generate electricity from 2017 to 2023,” she said in the report.
Indonesia expects to add 90 megawatts (MW) of installed renewable energy capacity (RE) as three geothermal power plants start operating by the end of the year, in line with the Southeast Asian nation’s clean energy push.
The projects are PLTP Salak Binary (15 MW) in West Java, Blawan Ijen Unit 1 (34 MW) in East Java, and Sorik Marapi Unit 5 (40 MW) in North Sumatra, Eniya Listiani Dewi, director general of Renewable Energy and Energy Conservation at the Ministry of Energy and Mineral Resources, told reporters on the sidelines of a geothermal convention in September.
“We’ve seen increasing geothermal adoption in the last 10 years,” she said.
“We hope it will continue to increase more significantly.”
Increased investments
The ministry expects geothermal developers to invest as much as $664m this year, which will bring the total geothermal investments to $5.4b in the past decade. Despite abundant and untapped renewable energy sources and strong economic growth, RE investment in Southeast Asia’s most populous nation has stagnated for the past seven years, according to the Institute for Energy Economics and Financial Analysis. Last year, Indonesia only attracted $1.5b, equivalent to a paltry 574 MW of additional capacity, IEEFA said in a
We’ve seen increasing geothermal adoption in the last 10 years, and we hope it will continue to increase more significantly
report in June.
Eniya said the Ministry of Energy and Mineral Resources is accelerating infrastructure development by mandating the use of local content, which also serves as a stimulus for domestic manufacturers.
Since 2014, Indonesia has increased its geothermal capacity by 1.2 gigawatts (GW), bringing the total installed capacity to 2.6 GW, which is about 11% of the country’s geothermal potential.
The country is the second-biggest geothermal electricity producer in the world – only behind the United States. Geothermal energy accounts for 5.3% of the country’s energy mix.
The expanded capacity can electrify 1.3 million homes and cut greenhouse gas emissions by 17.4 million tons of carbon dioxide yearly, contributing significantly to Indonesia’s climate targets under the Paris Agreement.
Indonesia is implementing cogeneration technology at its geothermal power plants that aims to enhance energy efficiency by capturing and converting excess heat into additional electricity. The project, which has a total capacity of 230 MW, is a joint venture between PT Pertamina Geothermal Energy and PT PLN Indonesia Power.
Several areas have been identified as key project sites, including Lahendong, Ulubelu, Lumut Balai, Hululais, Kamojang, Sibayak, and Sungai Penuh. The Lumut Balai 2 geothermal area is planned to have a capacity of 55 MW. The goal is to have an installed capacity of approximately 2.6 GW, according to PT Pertamina.
“The potential of geothermal energy, which stands at around 24 GW, will be maximized by 2060, and co-generation technology is a key innovation for reaching that goal,” Eniya said.
Nuclear power remains irrelevant in the international energy landscape as countries prioritise solar coupled with storage solutions in making their energy goals and policies a reality.
“Contrary to widespread perception, nuclear power remains irrelevant in the international market for electricity generating technologies. Solar plus storage might be the game changer for the adaptation of policy decisions to current industrial realities,” the World Nuclear Industry Status Report 2024 read.
Investment activity
Total investment in non-hydro renewable electricity capacity reached $623b last year. This was 27 times the reported global investment decisions for the construction of nuclear power plants.
Solar and wind power capacities alone grew by 73% and 51%, respectively, resulting in 460 gigawatts (GW) of combined new capacity versus the 1 GW decline in nuclear. Global wind and solar facilities also generated 50% more electricity than nuclear plants.
In China, a major energy market, over 200 GW of solar capacity was added compared to 1 GW of additional nuclear capacity. Furthermore, solar produced a total of 578 terrawatt-hours, overtaking nuclear power by 40%.
Adding wind and other non-hydro renewables like biomass, net total generation was four times more than nuclear output in China, the report said.
Overall, nuclear energy’s share of global commercial gross electricity generation declined slightly to 9.15% in 2023 from 9.18% in 2022, down from the peak of 17.5% in 1996.
Fewer countries are also building new nuclear facilities with 13, three less than in mid-2023, are hosting 59 reactor construction projects. At least 23 are delayed, with at least 10 have reported increased delays.
In terms of cost, solar plus storage is already “significantly lower than nuclear power in most markets today,” as well as “highly competitive with other lowemissions sources of electricity that are commercially available today,” the report read.
Nuclear vs non-hydro renewable energy production in the world
Source: World Nuclear Report
Despite the growing momentum in the renewables sector, the construction of projects continues to be hindered by various factors, with contractor-related issues being a major contributor to losses, as reported by GCube Insurance.
In its report “Arrested Development: Managing complex claims in the boom-and-bust world of renewables construction,” GCube said contractor errors and defects remain the primary causes of offshore wind project losses, accounting for 63% of claims in 2022, up from 55% in 2020
Its analysis also revealed that 48% of onshore (wind and solar) construction losses by severity are attributable to natural catastrophe (nat cat) and extreme weather, followed by contractor error and defect at 16%.
Specifically on weather-related losses, rainfall was found to be the costliest as it accounted for 18% of total claims, and 46% of the total claims cost.
“The appetite for installing new projects makes this a historically busy period for the renewables sector,” said Fraser McLachlan, founder and CEO of GCube.
“It’s also a period marked by unprecedented Nat Cat threat, and a shortage of skilled workers and specific installation equipment, like vessels and cranes. What this means is that the Delay in Start Up (DSU) claims process for a loss in the construction phase will only become more complicated,” he added.
What the renewable energy sector needs to do is focus on long-term sustainability, GCube said. Offshore construction should prioritise project success over rapid growth, whilst onshore construction must prevent compounding natural catastrophe losses with human errors, it added.
To mitigate potential losses, GCube is also urging asset owners to have a robust baseline project plan supplemented by thorough project monitoring, understand the insurance policy, and develop trusted contacts in the supply chain to ensure quality control.
“The forthcoming period of construction activity – and the rising impact of extreme weather - requires a high concentration of risk management, insurance and claims expertise as the industry braces itself for an inevitable increase in losses,” said McLachlan.
He said it will be important for insureds and insurers to work together and share information and expertise throughout all stages of the project to minimise project disruptions and unbudgeted expenses.
POWER UTILITY
The global primary energy intensity, a key measure of energy efficiency, is set to improve by just 1% in 2024, mirroring last year’s rate, according to International Energy Agency (IEA)’s Energy Efficiency 2024 report.
This pace lags behind the average 2% improvement rate seen between 2010 and 2019. This also falls short of the global target set last year at COP28, where nearly 200 countries committed to doubling progress to a 4% annual improvement by 2030.
The report noted that improving energy efficiency—extracting more value from the same energy input—is essential for economic, environmental, and social gains.
Efficient buildings, vehicles, and industrial processes are key to the clean energy transition, driving down emissions, reducing costs, and enhancing energy security, it said.
Global policy updates
This year, major economies have updated policies to improve efficiency. The European Union aims for zeroemission buildings by 2050; China raised appliance standards and efficiency targets; the U.S. toughened fuel economy standards for heavy-duty vehicles; and Kenya implemented mandatory energyefficient building codes.
Yet, the IEA warned that policy
Global annual improvement in primary energy intensity, 2010-2024, and by IEA scenario, 2022-2030
adoption must accelerate globally to meet 2030 climate goals.
“Energy efficiency is a key pillar of secure, affordable and inclusive energy transitions,” said IEA Executive Director Fatih Birol. “The IEA is working closer than ever with governments around the world to ensure that it remains a top policy priority.”
“Fortunately, the policies and technologies to accelerate efficiency progress are readily available today, and many governments are taking important steps forward,” she continued.
To track progress, the IEA launched an Energy Efficiency Progress Tracker, offering real-time regional data on energy intensity, demand, and electrification.
China has successfully energised its 400-megawatt (MW) CGN Yantai Zhaoyuan, the country’s first large-scale, pile-fixed deep-water offshore photovoltaic project located in the Laizhou Bay area.
It consists of 121 photovoltaic sub-arrays and spans around 6.44 square kilometres. Its alternating current-side rated capacity is 400 MW, with a direct current-side installation capacity of 539.3274 MW.
The project uses Grand Sunergy’s Seapower Series 210132 double-sided, double-glass high-efficiency heterojunction (HJT) solar modules.
Copenhagen Infrastructure Partners (CIP) has announced the completion of the Zhong Neng offshore wind farm during a ceremony in Taipei.
This project, a joint venture with China Steel Corporation, is the first offshore wind farm in Taiwan to finish ahead of schedule and meets the highest localisation standards in the country’s offshore wind sector.
Zhong Neng installed its first turbines in May 2024. It is set to connect to the grid by the end of the year and will provide energy to around 300,000 households.
India’s Nuclear Power Corporation of India Limited (NPCIL) has announced that unit 4 of the Kakrapar Atomic Power Station (KAPS) has achieved full operation at 700 megawatts (MW). This marks the second domestically built nuclear reactor in India to reach its full capacity.
NPCIL said the unit’s power level, which started commercial operation on 31 March, was raised following a go signal from the Atomic Energy Regulatory Board. 14 more reactors are expected to commence operations by 2031-2032.
Christine Shearer Project Manager
Global Energy Monitor
Aplant owner may argue there are losses from the early termination of a PPA that was designed for 25-30 years, but a payment could be made tied to the remaining value of the plant that satisfies the owner. This could actually work in the owner’s favour as the energy system becomes more clean and the demand for power from old coal plants decreases.
If you sell the plant now, you are guaranteed a return versus the uncertainty of the future, particularly after the PPA contract ends. Even better if that sale is used to fund more renewables and the income from that.
We see this in the US in some cases, where a few coal plants have closed already because they cannot compete with cheaper renewable power, or their output is reduced and they are marginally profitable with an uncertain future. There are also mechanisms to offset lost potential profits through market mechanisms such as carbon credit sales.
Before 20 years, a coal plant could lose a lot by shutting down — they would be on the hook for outstanding debt and they would lose the future value of all annual profits for the duration of the PPA contract. So they wouldn’t be able to repay the debt to the bank or the equity to the owner/investor, unless an alternative financing arrangement is made.
Right now, just 16% of the region’s coal plants would be under 20 by 2040, but any new coal plants risk increasing this percentage and the potential for stranded assets.
We’re getting there, but there’s still work to be done. In Malaysia, for example, the Prime Minister announced in 2021 they will not build any new coal plants in 2024. Just a few months ago, they said they’re going to halve their coal fleet by 2035 and phase out coal power by 2044.
What we’ve seen with countries like the UK is when a country commits to phasing out coal, and they’re clear about it, then the policy landscape is clear, and a lot of times, those coal retirements that are planned actually accelerate, and so things might speed up. So just by saying 2044 makes 2040 possible.
In the Philippines, there’s a very big grassroots movement against coal that is kind of pushing the country towards phasing out coal. And the central government has limited new coal plant permits in the country, although there have been some exceptions.
And then you look at Indonesia and Vietnam, which both have these economic transition partnerships. So the intention is there; the problem is they’re still proposing new coal plants in both countries, and the proposals are just not in line with the emission goals in the JETP (Just Energy Transition Partnership).
So we would argue that in order to bring the ambition in line with the JETP, those proposals should be cancelled.
Paul Jacobson President Jacobson Solutions LLC
Owners of coal plants should be looking at their own assets and making the assessment of whether they are in a position to maximise the value of the asset by phasing out coal and replacing their facilities with renewables, energy storage, carbon credits, and potentially cheaper concessional/blended finance.
There are already cases of relatively “young” plants being in the position to do that by 2030 — particularly when they factor in the future uncertainty where many banks in ASEAN countries are already talking about eliminating their coal loan book in the 2030-2040 window. As that happens, their costs of doing business will increase sharply and worsen their profitability anyway.
Some countries still believe they should be building more coal [plants], and they haven’t yet realised that you can actually build a competitive power system with renewables, and they’re kind of locked into this model of coal for base load power. So, anything you build now will be very difficult to shut down by 2040 because it takes 15 to 20 years to pay off most of the debt on a facility you build.
Finding a mechanism to encourage people to renegotiate PPAs is critical. It really depends at a national level, the political and business motivation to do so. It’s not unheard of to renegotiate these kinds of agreements, but for the markets, in particular in Southeast Asia, it’s not typical so that requires quite a mindset shift and quite a lot of political will to enforce that.
In the Philippines, there’s an organisation working with ACEN Corp. [and] they’ve come to an agreement to close the asset a little bit early, and they’ve come to an agreement on how they want to put a value on that and find a way to finance that.
If you targeted about 2038 for the year of closure, you could start to make a feasible transaction. So I would say, for the plants that are very new right now, five to 10 years old, you could probably target a closure before 2040 in the 2035 to 2040 time frame, if you were to start negotiating it now, and thinking about how you might restructure their PPA.
That’s why I think 2040 in principle is very much achievable, because that would leave only plants that are fewer than five years old, and you give them another five years or so, and by 2045-2050 you could shut those, and that would be a much smaller share of the grid.
So I’m of the opinion that if there’s the right political will to renegotiate contracts, and the owners can be convinced of this as well, and then that there’s a concerted effort to build out large-scale renewables, replace them and finance that, we could achieve that.
Its poor energy infrastructure impedes the integration of new capacity from RE projects.
Vietnam’s direct energy purchase policy could be a gamechanger in the push for renewable energy (RE) production in the coming years, but the government should ensure grid connectivity to accommodate a surge in capacity, according to energy analysts.
“Having these direct power purchase agreements means that they could more easily get the renewable energy that they need,” Nadhilah Shani, a senior research analyst on power at the ASEAN Centre for Energy (ACE), told Asian Power.
The government on 3 July 2024 started allowing direct electricity purchase and sale between RE generators and large electricity users. They can do so either through a private connection line or via the national grid.
Vietnam encourages the use of selfsufficient rooftop solar power to expand renewable energy without straining the electricity grid. Under its power development plan for 2021 to 2030, 50% of office and residential buildings must be covered by rooftop solar by the end of the decade.
By 2030, wind, solar, hydropower and biomass will have provided 48% of the Southeast Asian nation’s installed capacity, which should rise to 63% by 2050.
ACE earlier said Vietnam’s direct energy purchase mechanism could benefit industrial consumers seeking to cut their carbon footprint. It also eases the financial risks in renewable energy investments,
If there are more renewables, it means that the transmission or the grid needs to be also strengthened
attracting foreign capital into its RE and industrial sectors.
Shani said direct energy purchases could boost Vietnam’s renewable energy output, which accounts for 27% of the country’s installed capacity now. Letting large consumers directly negotiate with RE producers would make procurement easier, she pointed out.
She said a number of companies worldwide, particularly manufacturers, need to decarbonise their supply chains to keep their pledges to Science Based Targets Initiative or RE100 — corporate drives to reduce emissions in line with the Paris Agreement goals.
“They need renewables and this [direct energy purchase] policy is one of the ways of how they procure renewables,” she added.
The policy can also help stabilise energy costs and ease the worries of price-sensitive government planners from the extreme volatility of coal and LNG markets.
“Additionally, with the majority of Vietnamese renewable energy development being funded by local companies and banks, exchange rate risk on power sold could be minimized or eliminated,” said a report by IEEFA.
Liberalising the market fosters competition, leading to more efficient investment in electricity generation and capacity. This could also lower electricity costs over time, Shani said.
Grant Hauber, strategic energy finance adviser for Asia at the Institute for Energy
Economics and Financial Analysis, said the policy taps into the latent demand of multinational companies in an industry with a renewable energy mandate.
Whilst some might argue that transmission is a natural monopoly whose infrastructure should not be duplicated, Vietnam has found a rational way to expand and enhance its grid, he pointed out.
“This is sort of like a stopgap measure,” Hauber said “There’s a potential that they’ll be able to add a lot of incremental capacity fairly quickly over the next, say, two to four years that will satisfy, that will keep economic growth up, that will keep industrial production up.”
He said companies that missed the feed-in tariff deadline — 2020 for solar and 2021 for wind — could still contribute significantly. They already have the sites and could rapidly expand without state funding.
The feed-in tariff is designed to accelerate investment in RE technologies by offering long-term contracts to renewable energy producers, promising them a guaranteed above-market price.
Range of possibilities
Hauber said private companies and Vietnam Electricity, the national and sole public power company in Vietnam, could jointly invest in grid infrastructure to support RE development.
The same was done during the 2020 to 2021 boom, when developers were allowed to build interconnection lines from their projects to the nearest substation as part of the project cost, he pointed out.
The decree on direct energy purchase allows private transmission lines to connect to the national grid provided they meet Vietnam Electricity’s standards, Hauber said.
“It depends on how much demand is growing and how far behind they are,” he said. “That remains to be seen, but at least the decree sets out a very rich range of possibilities that are interesting to all the parties involved.”
Southeast Asian countries such as the Philippines and Singapore liberalised their energy markets way before Vietnam did. Manila started electricity market reforms in 2001, whilst the city-state fully liberalised its sector in 2018.
Whilst liberalising electricity markets could promote competition, efficient investment, and lower costs over time, it requires long-term commitment and a strong policy framework, Shani said.
Hauber said other Southeast Asian countries should consider implementing similar policies that could benefit them, especially if they have decarbonization goals.
“If you want to avoid duplicating grid infrastructure, a similar policy should include the ability to just charge a fixed tariff on wheeling of power from seller to buyer,” he said, referring to the practice of allowing privately generated power to be transmitted across the national grid to customers who want it.
China installed more solar power from March 2023 to 2024 than in its previous three years and exceeded the world’s total solar additions for 2023.
China continues to lead the world when it comes to renewable energy development with 386,875 megawatts (MW) of operating solar farms as of June 2024, data from the Global Energy Monitor (GEM) showed. This is over half of the global operating capacity of 755,144 megawatts (MW).
One thing that other countries can learn from China in this regard is the importance of long-term planning and developing policies that attract and encourage investment.
“The key thing behind this success, in my personal view, is a long term strategic plan,” Ember’s senior electricity policy analyst Muyi Yang told Asian Power
Yang stressed that what is seen of China’s renewable energy (RE) development is an integrated strategy and plan. “It combines industrial policies, economic incentives and energy policies,” the Ember analyst added.
Aiqun Yu, research analyst and senior East Asia strategist at GEM, noted that China has 180 gigawatts (GW) of utility-scale solar and 159 GW of wind power under construction as of March 2024, which is almost twice as much as the rest of the world’s output.
“This is a strong indication that China will continue leading the world on renewables development in the near future,” Yu told Asian Power in a separate interview. “The government planned to add 200 GW wind and solar capacity in 2024, a slowed growth rate compared to 2023. But likely this governmental goal is going to be exceeded.”
Between March 2023 and March 2024, GEM said China installed more solar power than it had in the previous three years combined, and more than the rest of the world combined for 2023.
Yu said one of the factors driving this expansion in solar energy is the booming distributed solar in the eastern and central areas. According to GEM, nearly half of the distributed solar added in 2023 was installed on residential rooftops, largely driven by China’s “whole country solar” model. Shandong is leading Chinese provinces in terms of distributed solar with 40,988 MW, whilst Xinjiang topped the list for utility-scale solar with a capacity of 38,020 MW.
Thanks to energy policies Chinese authorities are implementing, the East Asian superpower is able to achieve this expansion in solar capacity, Yang said.
Whilst China is seen to continue leading the solar sector, there are still a few hurdles it may face, one of which is adapting its coal-centred grid to its renewable surge.
Yu told Asian Power that in the North and Northwest China, power transmission bottlenecks the renewable growth, causing curtailments. The grid in some central and eastern areas is being overwhelmed by the distributed solar addition, especially the rooftop solar, resulting in some restrictions, she said.
Yang agreed that grid integration will be a major challenge. A major upgrade and augmentation in the distribution system is needed in order to support further expansion of the sector, specifically distributed solar, he said.
In building solar energy facilities, developers usually need large parcels of land. But with the rising urban development, and demand for agricultural land, expanding solar capacity may be challenged, Yang said.
Building more offshore or floating solar projects is an option, which is already being explored by Chinese authorities, he said.
China has introduced successful industrial policies to help build an ecosystem that involves the whole supply chain for manufacturing solar technology
“In the energy sector, there has been [an] long term plan for renewable capacity uptake, and this gives a very clear indication for potential investors that this is the niche domestic market for solar capacity,” he explained.
China offers feeding tariffs, tax benefits, and various other incentives to support the installation of solar panels.
“China has introduced successful industrial policies to help build an ecosystem that involves the whole supply chain for manufacturing solar technology,” he added.
The expert also noted how weather dependent solar energy is. “When there’s too much sunshine, we store the energy in by using battery storage,” Yang said. “But for this to happen, we need to build more battery storage.”
“In the near future, we don’t see any slowdown; and we project this year, and likely till 2030, it will keep the pace similar to this year,” Yu said.
For Yang, it is important to see the impact of clean energy efforts. “Transition is beneficial and to realise the benefit promised by the transition, the first thing is that we have to turn climate ambitions, or climate aspirations, into actual progress,” he said.
“China’s experience also suggests that we need an integrated long term plan and strategy,” he added.
He said national utilities can also provide support in the development of renewable projects, which will also allow them to diversify their portfolio.
“One example is provided by China,” said Yang, pointing out how all major state-owned enterprises in the generation segment are encouraged to diversify into renewable energy projects. “Actually, they have been the main investors in renewable energy projects in China.”
Meanwhile, Yu said it is never too late for other countries to have technology renovation and to catch up with China.
“When China started, there was already this technology, but China made it not in a level of technology, but in the implementation, how much they make it commercialised,” she said.
She said making renewable energy development a national energy security priority is another important lesson other countries can learn from China.
Dhaka Power Distribution Company Limited (DPDC) is one of the largest power distribution companies in Bangladesh. DPDC had been incorporated on 25th October, 2005 under the Companies Act 1994. DPDC is now serving approximately 1.7 million customers.
CORPORATE MOTTO:
Dependable Power - Delighted Customer.
COMMITMENTS:
Quality power supply to all customers. Quickest response to customers need. Initiatives to match the changing needs of the customers. Digitalization of Distribution System.
www.facebook.com/dpdcbd
www. dpdc.gov.bd
Terra Solar aims to deliver power to 2.4 million houses and cut emissions by 3.6 million tonnes yearly.
Meralco PowerGen Corp. (MGen) expects to lead the energy transition in the Philippines with what could be the world’s largest solar farm — its $4b Terra Solar project north of the capital.
The 3,500-megawatt (MW) facility in the provinces of Nueva Ecija and Bulacan is expected to be a cleaner alternative to a mid-merit fossil fuel plant, which adjusts its power output as demand fluctuates throughout the day.
“Given the size of Terra Solar, and if our [completion] timeline is by February 2026 and we can prove that this setup can actually be a replacement for mid-merit fossil, then I think we will have achieved a certain aspect of that vision,” MGen President and CEO Emmanuel Rubio said in an exclusive interview with Asian Power
The first phase of the project, which also features a 4,500 megawatthour energy storage system, is expected to be finished by February 2026, and the second phase in 2027, providing electricity to about 2.4 million households and cutting carbon emissions by 3.6 million tonnes a year.
Power deals
MGen unit SP New Energy Corp. (SPNEC) is taking control of Terra Solar, which used to be a joint venture between Prime Infrastructure Capital, Inc. and SPNEC parent company Solar Philippines Power Project Holdings, Inc.
Rubio said the company has issued an invitation to bid for the engineering, procurement, and construction for the east and west sides of the project’s 2,500-MW first phase. This will cover both photovoltaic sites and battery storage facilities.
“The intention of Terra Solar is to deliver a block of 850 megawatts of pure renewable energy (RE) starting at 8 am and ending at around 9 pm,” he said. “At the rate that we actually have sold this to the offtaker, it’s proving that a combination of variable renewable energy and a form of energy storage — in this case, lithium ion batteries — is already very competitive to traditional thermal mid-merit plants,” the MGen CEO told Asian Power magazine.
Earlier, MGen’s parent company Manila Electric Co. (Meralco) signed a 20-year power supply deal with Terra Solar for its 850-MW mid-merit requirement.
MGen and SPNEC have also signed a deal with global investor Actis to invest in a 40% stake in the project. Terra Solar shares worth $600m will be issued to the UK-based firm. The proceeds will be used to jointly develop and expand the project.
Rubio said that the transaction is the largest single investment in infrastructure development in the Southeast Asian nation.
“It’s not just a vote of confidence to the project, but a vote of confidence to the country as this is the first time Actis, a major player at that, is investing in the Philippines,” he said.
“Actis is one of the largest transition investors globally. They are present in many countries. I personally believe that they have a value to offer Terra Solar as they are also a well-experienced developer. They also have resources we can tap to help us fill some gaps that we have in the execution of the Terra Solar project,” he added.
Once the first phase is completed, Rubio said MGen would look for ways to optimise the setup of providing mid-merit supply, which fills the gap between baseload and peak demand.
“Maybe we can look at Terra Solar participating in providing
reserves in the co-optimised market, which was not considered in the original base case so it will just add value to the project,” he said.
Terra Solar has a lot to do before 2026. Land acquisition continues, but Rubio said most of the land needed for the first phase has been acquired. The company has also secured a significant portion of the transmission towers it needs.
In terms of logistics, coordination is needed to ensure that materials such as solar panels and batteries will be delivered from ports to the project site. Roads will have to be built to support this, which will also benefit the communities near the plant, Rubio said.
The company is also filling up critical positions for the project, such as those focused on community relations.
Rubio said they would hire as many as 20,000 workers from Nueva Ecija and other areas to develop the project.
Whilst Terra Solar will keep the company busy in the coming years, MGen is also working on other renewable energy projects, including a joint venture between MGen unit MGen Renewable Energy, Inc. (MGreen) and Vena Energy for solar and wind development.
When the sweet spots arrive, then I think it’s time for us to seriously consider offshore wind
MGreen is the renewable energy arm of MGen and is focused on projects that utilise clean and sustainable sources. It plays a vital role in the company’s goal of building a balanced power generation portfolio. MGreen and Vena Energy have also recently signed an agreement for the joint construction of the 550-megawatt (MW) Bugallon Solar Power Project in Bugallon, Pangasinan under 3 Barracuda Energy Corporation.
MGen is also looking into opportunities in offshore wind with certain developers.
“We want to make sure that if we are to participate in offshore wind, that the price is reasonable, both for the consumer and the developer,” Rubio said. “When the sweet spots arrive, then I think it’s time for us to seriously consider offshore wind.”
Avaada Group eyes 30 gigawatts of renewable energy capacity by 2030.
Avaada Group expects India’s booming data centre market, whose revenue is projected to hit $8.7b this year, to drive the demand for renewable energy as the company targets to boost capacity to 30 gigawatts (GW) by 2030.
The Mumbai-based company, which generates power using solar, wind, and pumped hydro, is also looking at supplying the power needs of artificial intelligence (AI) companies in the world’s most populous nation, group chairman Vineet Mittal told Asian Power. Avaada has 4.7 GW of operational capacity, and has projects under construction that will add 10 GW more.
Revenue in India’s data centre market is projected to reach $8.7b in 2024, with a compound annual growth rate of 6.5% to $11.9b by 2029, according to Statista.
Mittal said Avaada would boost its clean energy capacity in the next six years starting 2025, as it supports the Indian government’s One Nation-One, Grid-One Frequency goal of everyone with access power anytime, anywhere.
Here is the rest of the interview.
How has the company performed so far this year?
We have experienced very significant growth because every month, the government is bidding out 5,000 megawatts plus tenders. This year, we have won more than a gigawatt of agri-voltaic projects, which is for empowering farmers, which will provide electricity in the night time and will now be provided in the day time in Maharashtra. They can become more productive and efficient in their farming activities. So we are getting into that distributed power as well.
We have also won several projects from SJVN, MSEDCL, National Thermal Power Corporation (NTPC), National Hydroelectric Power Corporation (NHPC), and we recently signed a memorandum of understanding to do 2,750 megawatts of two water vacuum projects in Maharashtra. We are also setting up two additional water battery projects at 2,190 megawatts in Uttar Pradesh, which is the most populous state in the country. We recently commissioned 70-megawatt projects there per customer.
How do you address hurdles in India’s power sector?
Unlike in many countries, the government doesn’t do a single tender of 50,000 GW. They do various tenders — one gigawatt, two gigawatts, or three. So the biggest challenge is that every month, you have to get a new performance guarantee from the bank, study so many tenders in so many states, and then look at the grid availability, land availability, the quality of the power purchase, and many more. In addition to that, we are very heavily dependent on the global supply chain. And whenever there are challenges in any part of the world, our plants get impacted.
So basically, what companies of our scale are doing is focus on taking up long-term supply agreements and fast-tracking the development of our own local manufacturing in India. And this strategic move will help us to de-risk the supply chain. This also aligns with the Indian government policy of authorisation model manufacturers, where they want India to produce things that they are consuming in large quantities, so that they don’t have to depend on any other country.
Power is a concurrent topic in an evolving country like India, where there are regulatory uncertainties — the policy in one state may not be the same policy in another state. And sometimes, new policies get introduced without the previous policy being retired.
If you look at data centres and language model companies, they all want green power.
Regulatory uncertainty becomes one of the biggest challenges. Then, the government starts doing more firm and dispatchable renewable power. We upped our team on storage, and now we are participating more and more in fixed and dispatchable renewable energy power projects.
Tell us more about your 2,750-MW pump storage project in Maharashtra.
The best advantage of pumped storage over other projects is its ability to provide large scale, large-duration energy storage and grid stability. So pumped storage can store excess electricity generated from our solar and wind projects when demand is low, and then release it during the peak demand period, ensuring consistent and reliable electricity supply. That ability to balance supply and demand makes pumped storage a critical component in integrating intermittent power like solar and wind with the grid. And it improves the grid’s resilience, it reduces the need for more fossil fuel as backup power. So it’s an overall blessing.
What other growth opportunities do you see?
If you look at data centres and language model companies, they all want green power. We are seeing a huge demand from the private sector for green power, and now, more and more demand is coming round the clock — green power from solar, wind, and storage technology into Europe and into the grid. So we are seeing big demand from the private sector. On top of that, state-owned enterprises like NTPC, National Hydroelectric Power Corp. and SJVN are bringing a lot of tender. States like Uttar Pradesh, Maharashtra and Gujarat, are bringing a lot of tender. So the opportunities are quite good.
Do you have plans to launch projects outside India?
We’re currently focusing on India. There are plenty of opportunities in India. The market is very big and it’s increasing day by day. The size of the market is improving and growing. So we are focusing on our country. We are not going to any other country right now.
As a green energy and integrated energy service provider based in Mainland China and Hong Kong, China Resources Power has always adhered to the concept of sustainable development and integrated the implementation of environmental, social and governance responsibilities into the Company’s strategies and operations
Persisting in the transformation to green and low -carbon energy
Dedicating to key original technology research, such as CCUS, and striving to become the vanguard of the digital transformation of the energy industry
Focusing on different energy -saving and carbon reduction scenarios to provide systematic and customised integrated energy solutions
Being built on a floating platform allows the company to move the system where it is needed.
Last April, AboitizPower Corporation, through its subsidiary Therma Marine, Inc. (TMI), inaugurated its 49-megawatt (MW) hybrid battery energy storage system (BESS) in Maco,, Davao de Oro in the Philippines.
The facility aims to make sure there will be no gaps as energy stakeholders in the country develop new sources to ensure supply is able to keep up with the increasing demand.
Providing a secure supply
But how does this system exactly help in ensuring a secure energy supply?
AboitizPower Thermal Chief Operating Officer for Operated Assets Ronaldo Ramos told Asian Power that when there is an imbalance in the grid, the hybrid BESS immediately kicks in.
The system initially runs in full battery in the first 13 minutes, discharging 49 MW to allow the diesel engine to ramp up. After this period, the dispatch from the battery adjusts until the diesel engine attains full load, he explained.
“We have an energy management system that synchronises the two so that the market or the grid will see a flat 49 megawatts during the 30 minutes we’re providing the service,” he said.
After 30 minutes, the diesel engine ramps down and the BESS desynchronises from the grid, Ramos said. The energy produced in this process recharges the battery instead of relying on the grid, making it a sustainable system.
Aside from it being sustainable, another advantage of the hybrid BESS is its flexibility. Since it was built on a floating platform, this will allow the company to move it where it is needed, Ramos said.
Making the system hybrid also allows AboitizPower to contribute to carbon emissions reduction.
“If we were running the diesel fully to provide the service, of course, there’s an equivalent emission. But for this, there are times where we didn’t even have to start out the diesel, because the issue in the grid has been resolved within the first 30 minutes,” Ramos explained.
AboitizPower’s hybrid energy storage plant has been commercially available since 30 November 2022. The company tapped Finnish company Wärtsilä to build the facility.
Ramos told Asian Power that the
There are times where we didn’t even have to start out the diesel, because the issue in the grid has been resolved within the first 30 minutes
project was approved in the midst of the COVID-19 pandemic, which affected logistics, specifically the bringing in of personnel and equipment.
Another challenge he cited was the plant location. A barge had to be manufactured since it was built on a floating platform. A Thai manufacturer was tapped to produce this, Ramos said.
There were also limitations in checking the hybrid BESS. The National Grid Corporation of the Philippines did not have specific testing protocols since it was a new technology in the country, he noted.
Collaboration between the grid operator and the company addressed this issue, Ramos recalled. Three tests were conducted in 2022, one each by local authorities, by technical experts, and by national officials.
Given the vital role the hybrid BESS has in securing energy supply, Ramos assured AboitizPower is equipped to prevent any possible issue that may impede the facility’s operations in the future.
“We do know that it’s really the inverters that have a lot of challenges for batteries so we did strategically procure them ahead of time, so that in case one or two breaks down, we do have a ready spare on site,” he said.
He added that plant personnel are also
being trained to ensure proper operation and handling of the hybrid BESS.
AboitizPower has five other diesel power plants in the Philippines. One is located in Navotas, a bayside city within the metropolitan capital of Manila; three in Cebu in the central Philippines, and another in Butuan in the southern island of Mindanao.
“Since we have proven this technology already with TMI in Maco, we’re looking at doing, hopefully another, rather one or two, depending on the market needs,” Ramos said.
Meanwhile, the company’s geothermal and renewable energy units are also working on another hybrid project.
“We’re doing one project together with our geothermal team in Laguna to do our next hybrid project, which is this, this time, in hybrid with the geothermal facility,” Ramos said. “I think it’s going to be the first of its kind with geo(thermal).”
AboitizPower had indicated its goal to build 3,700 MW of new RE capacity on the way to 4,600 MW by 2030.
The company is also exploring lowcarbon technologies such as LNG, nuclear, and smart power plants for a more balanced portfolio.
It is also seeing growth opportunities in other sectors such as energy storage.
Philippines-based ACEN has an ambitious target of reaching 20 gigawatts (GW) of renewable energy by 2030. Driven by its major markets, led by the Philippines, the Ayala group firm is confident of where it is right now in achieving its renewable energy goals.
“We have a pipeline of projects across all of these different countries that is more than 20 gigawatts even today,” Jonathan Back, group chief finance officer and group chief strategy officer at ACEN, told Asian Power in an interview. “I’m really quite confident that, if all the usual challenges that are involved in building large renewable projects can be overcome, we can get there.”
Back said 40% of its capacity by 2030 will still be in the Philippines, around 25% in Australia, and a number also in Vietnam, India, and Indonesia.
So far, ACEN has a total capacity of 4.8 GW, of which 65% is in full operation, and the rest either on partial operation or under construction. Around 40% of the projects are in the Philippines, 20% each in Australia and Vietnam, 12% in India, and smaller portions in Indonesia and the US. The majority of its facilities, or 70%, are solar plants, and about 23% are wind plants, Back said.
Increasing capacity
Scaling up is ACEN’s battle cry towards 2030, plugging in different sources to achieve its goal, which includes the $150-m syndicated green term loan and revolving credit facility. The company said this will fund how it blazes its trail across the Asia Pacific.
Back said this loan will be devoted to expanding the company’s international portfolio, including Australia and India which are ACEN’s two fastest-growing markets outside the Philippines.
In terms of this borrowing, Back explained that it is aimed at the corporate level, supporting an entire portfolio rather than a single project. He said ACEN is also eyeing more project-level financing which will allow the company to allocate the debt it raises to a particular project.
ACEN has announced the acquisition of secondary shares in its wholly-owned subsidiary Real Wind Energy, Inc., (RWEI), as well as the execution of its $1.25-m (PHP70-m) loan agreement with RWEI to fund the latter’s general corporate requirements in the province of Quezon in Luzon.
“This overall site, including the land that Real Wind Energy has access to, ultimately, this will scale up to become probably the largest cluster of wind farms in the whole of the Philippines,” Back said.
According to the executive, ACEN is developing a cluster of wind projects in Quezon Province. The first phase of this initiative, called the Quezon North Phase One, is expected to generate approximately 345 megawatts (MW) of electricity.
“You’ll eventually see hundreds of megawatts of wind being built under that subsidiary,” Back said.
ACEN is also exploring opportunities in providing clean energy solutions for companies such as its sister company, Globe. This will be the goal of the agreement the energy company signed with its subsidiary Belenos Energy Corporation for the subscription of redeemable preferred shares valued at $8.02m (PHP467.75m).
Whilst ACEN’s core business is utility-scale facilities, this project with Globe is an example of where renewable energy can be used “at almost as if it were micro level in order to power something like a cell phone tower,” said Back.
“Cell phone towers typically need to have backup generators. So
rather than relying on diesel generators, as has been the case in the past, everybody would, and we, in particular in the group, would like to move to renewable solutions,” he added.
As a group, Back said ACEN also plans to replicate this effort to data centres that Globe is building.
“Globe is building a lot of data centres in the longer run. As a group, we would like to see those data centres be renewably powered, but the demand from data centres is so huge that that needs to come from utility-scale projects,” he noted.
Whilst ACEN is focused on achieving its 2030 goal, Back said the company is also seeing opportunities in other fields, such as in energy storage.
“Ultimately, if renewable energy is to be the solution for countries like the Philippines, Australia and others, there has to be a significant build-out of energy storage, and that will take many forms,” he said.
“Batteries, I think, will be dominant in that solution set, but things like pumped hydro, even mechanical solutions, compressed air, even converting electricity into hydrogen and then using that hydrogen in a cove, in some in a co-firing gas turbine. Those are all going to be part of the solutions,” Back told Asian Power.
He stressed that ACEN is ready to participate in the PhilippineDepartment of Energy’s Green Energy Auction (GEA)-4 that will cover Integrated Renewable Energy and Energy Storage System.
Towards the end of the interview, Back remained steadfast and confident about the Philippines’ goal to achieve 35% renewable energy share by 2030.
This will scale up to become probably the largest cluster of wind farms in the whole of the Philippines
But he underscored that in order for this to be realised, several factors must come together, such as political will, a pricing environment that is sufficiently rewarding for private sector players to participate in, and access to transmission to ensure delivery of electricity to consumers.
“When you put all these things together, yes, we think that the government’s vision can be achieved in 2030 but clearly those levers all need to be pulled into the right places,” Back said.
Indonesia must get rid of regulatory roadblocks including onerous contractual requirements for solar and wind power, and offer attractive incentives to erase its image as a pariah in Southeast Asia’s lucrative renewable energy (RE) sector, energy analysts said.
“Considering the enormous investment needed to [achieve] its energy potential, the government has to collaborate with the private sector, especially in project funding,” Mutya Yustika, an energy finance specialist at the Institute for Energy Economics and Financial Analysis (IEEFA), told Asian Power
“To meet its 2030 climate commitment, Indonesia needs around $285b, and private investment will be vital to fill the $146b investment gap,” she added.
Lack of incentives
Despite abundant and untapped renewable energy sources and strong economic growth, renewable energy investment in Southeast Asia’s most populous nation has stagnated for the past seven years.
Last year, it only attracted $1.5b, equivalent to a paltry 574 megawatts (MW) of additional capacity, the IEEFA said in a report written by Yustika in June.
It lags its Southeast Asian neighbours that have installed much more significant solar and wind capacity. Vietnam, for example, has 13,035 MW of solar capacity and 6,466 MW of wind generation, Yustika said in the report.
A mandatory partner system, ownership transfer limits, an unfavourable deliver-orpay scheme and unattractive tariff ceilings all add up to keep it in the RE rut. Stringent local content requirements, the lack of carbon credit incentives, and complicated procurement procedures also raise costs and discourage private investment.
Dinita Setyawati, a senior electricity policy analyst for Southeast Asia at energy think tank Ember, said the government should offer better incentives, apart from clarifying its RE targets.
Doing so means investors can make informed decisions, confident that they will make this much once they enter the Indonesian market, she said. “Both governments and investors can work together to help Indonesia reach its full renewable energy potential.”
The government is set to submit its renewable energy goals for 2030 and 2035, and Setyawati said Indonesia’ clean energy sector might progress more slowly than anticipated. It is widely expected to cut its target to 17%-19% from 23% for 2025 and to 19%-21% from 26% for 2030.
Yustika noted that Indonesia increased its power capacity by 21 gigawatts (GW) from 2018 to 2023 — 18.4GW from fossil fuels and 3.2GW from renewable energy.
“Despite having 3,294 GW of solar potential, Indonesia only added 574 MW solar power to the grid, a mere 0.017% of its potential,” she said. “This means Indonesia has the lowest rate of solar use in the Asia-Pacific region and is also among the lowest globally.”
The country generated only 154 MW of wind power from a possible 155 GW, or 0.1% of its total potential, she added.
Setyawati said Indonesia’s clean energy potential is mostly concentrated in the countryside, but demand is mostly in Java, leading to grid infrastructure constraints.
Yustika in her report said state-owned PT Perusahaan Listrik Negara (PLN) and its units are in the driving seat of RE development through a mandatory partner and 51% majority shareholders’ scheme.
“This equity co-ownership discourages private investors as PLN becomes the de facto owner of any project,” she said. “As the sole off-taker of any renewable energy generated, PLN’s dual role of equity shareholder and off-taker creates a conflict of interest.”
The state also limits the private sector’s ability to obtain additional capital and technical expertise during project delivery, whilst penalising a contractor if an independent power producer (IPP) fails to
meet electricity requirements.
Meanwhile, it is difficult for investors to hit profit targets and auctions for new projects become unappealing given the too low tariff ceilings for IPPs, Yustika said.
The government should do away with these restrictions to make return on investment more appealing and fast-track the country’s transition to renewable energy, Yustika said.
She also cited the lack of transparency in PLN’s procurement of renewable energy projects. IPPs that want to join the procurement process must pre-register, and the application process can take weeks up to a year.
Setyawati said Indonesia should increase the budget for its energy transition so it could fund the reskilling of workers affected by the shift. It should also expand the power grid and involve local governments in energy decisions to boost their economies.
The state should harness solar and wind power instead of focusing on complex, long-term, and large-scale hydropower or geothermal energy projects, she said. One way to do this is by rolling out more rooftop solar, which can be installed quickly at a lower cost.
“It is difficult to confidently say that Indonesia will achieve its 2030 RE mix target,” Yustika said. “As an equatorial archipelago of more than 17,000 islands, Indonesia should utilise the country’s vast solar and wind resources for electricity, especially in remote areas.”
www.agpglobal.com
Experts favour Malaysia and Indonesia as renewable energy import sources.
More often than not, Southeast Asian nations turn to Singapore for assistance with development initiatives. However, the dynamics shift in the context of energy transition, where Singapore’s progress heavily depends on its neighbours.
Ember, an independent global energy think tank, emphasised that for Singapore to decarbonise its power sector, meet its netzero goals, and improve its energy security, it will need a diversified mix of renewable energy (RE) sources.
“Diversification of renewable energy sources would help Singapore to double its renewable import capacity to be on track with a net-zero power sector goal by 2045,” Dinita Setyawati, senior electricity policy analyst for Southeast Asia at Ember said in an interview with Asian Power
At present, Singapore only has 0.2 gigawatts (GW) of low-carbon imports, according to Robert Liew, director, APAC power and renewables research at Wood Mackenzie, a global provider of data and analytics for the energy transition.
Liew, however, noted that with the Energy Market Authority’s (EMA) conditional approval of 4.2 GW of projects, Singapore is still on track to achieve its goal of having low-carbon electricity make-up of 30% of its supply by 2035.
Once Singapore achieves its 2035 target, its power emissions could drop by 10% from 2023 levels, said Liew.
Although Singapore is on track to achieve its target, Setyawati emphasised that the nation must increase its ambitions for renewable energy imports, not only to meet the International Energy Agency’s (IEA) net-zero power sector emissions (IEA NZE) milestones but also to significantly reduce its per capita power sector emissions, which are almost five times higher than the average amongst Southeast Asian nations.
Should Singapore align with the IEA’s NZE milestones, it will be able to cut its per capita power sector emissions between 2022 and 2035 by 52% to 58%.
To achieve the IEA NZE milestones, the global energy think tank said Singapore will need 8.1 GW of renewable electricity import capacity by 2035 and 16 GW by 2045.
Best bet
Neighbouring countries that Singapore has already tapped for renewable energy sources include Lao PDR, Thailand, Malaysia, Indonesia, Cambodia, and Vietnam. Amongst these markets, Wood Mackenzie said Malaysia would be the cheapest to import from. “This is largely because of the distance between the
countries where Malaysia is nearer than Indonesia, which is helping to bring down the costs of interconnectors between the countries,” Lim Jia Liang, power analyst at Wood Mackenzie, said.
From Malaysia, Singapore could import solar from Peninsular and hydropower from Sarawak. Indonesia is also a good option for Singapore for solar energy as it also requires “less transmission investments.”
Using Indonesia and Vietnam as basis, Setyawati said Singapore will need to invest US$51b-US$66b to import 14 GW of wind and 17 GW of solar energy by 2035 and align with the IEA NZE milestone.
“This budget would cover the construction and operation of wind and solar power facilities, which would be broken down into smaller, manageable projects,” Setyawati said.
Should Singapore solely import wind, it must invest US$64b-US$100b to acquire 36 GW from onshore and offshore farms.
If Singapore opts for an exclusive solar energy strategy, it would need US$40b to set up and run solar power plants of 28 GW capacity. Setyawati underscored that the figures she gave “do not include transmission costs or the wheeling charges paid to the countries involved.”
When looking at most resource-rich countries, Thailand stands out for solar energy, with an untapped potential of 10,522 GW, followed by Myanmar (7,716 GW), and Cambodia (3,197 GW).
For wind power, Myanmar is the most resource-rich, with an untapped potential of 479 GW.
For hydropower, which Singapore does not have resources for, India and Indonesia could be candidates for imports given their untapped potential of 75 GW and 59 GW, respectively.
To better facilitate imports of renewables between countries, however, there must be an existence of regional power grids, which Setyawati said is critical to building “secure, safe and decarbonised power systems.”
“Regional cooperation, grid infrastructure and renewable energy projects are absolutely important,” the expert said.
“How fast Southeast Asian neighbours can adopt clean power, and how much investment can be leveraged will ultimately alter Singapore’s energy future,” she added. Ember, in its report, said the energy integration in Southeast Asia remains at a “nascent stage,” with the first multilateral power integration project in the region, the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP), only commencing in 2022.
Other integration plans which are underway include the Brunei DarussalamIndonesia-Malaysia-Philippines Power Integration Project (BIMP-PIP) and a crossborder solar project involving Australia, Indonesia and Singapore.
“Grid interconnections allow renewable energy resources to be distributed evenly, spreading the economic and security benefits of energy access at the regional level. But most importantly, it will also secure Singapore’s access to energy against future uncertainties,” Ember said in its report.
PT Sarana Multi Infrastruktur (Persero) is a Special Mission Vehicle (SMV) of the Ministry of Finance with a role and mandate to act as a catalyst for the acceleration of national development.
A reliable connection with the newly commissioned 120 MLD Bukit Berapit Water Treatment Plant. A 350 mm treated water pipe, tapped from the main pipeline, provides treated water to the Losong Treatment Plant. This innovative solution ensures a consistent supply of safe water, mitigating the impact of salinity intrusion
The AMS improved operational efficiency, enabling the engineering team to prioritise maintenance based on asset risk rating, and reducing consumer impact during maintenance. It provided insights during budget preparation, allowing for the allocation of priority to high replacement priority assets. This improved financial control and provided management with an overview of asset status.
The Jawa-Madura-Bali (JAMALI) System powers 70% of Indonesia’s electricity for 160 million people.
DESPITE its critical role, the JAMALI System faces several technical and environmental challenges that threaten its reliability and efficiency as a power network.
The JAMALI System experiences imbalances in the magnitudes of the upper- and lower-phase voltages towards the middle phase. This voltage imbalance affects power quality, leading to significant losses on the side of customers.
More importantly, this can cause irreversible damage to systems equipment, according to Ervin Saputra, specialist of learning at the Transmission and Substation Training and Education Centre PT PLN (Persero).
“If the average load remains low, there is a risk of an excessively high increase, which can cause permanent damage to equipment due to stress beyond its maximum capacity,” Saputra said.
The average distance of 200 km per transmission section between main substations further exacerbates this issue, he added.
Grid synchronisation
Saputra explained that if a disturbance causes 3-phase tripping on two transmission lines simultaneously, it results in a loss of synchronisation between the two sub-islands. The auto-recloser will fail because the synchronisation requirements are unmet, leading to load shedding on both sides.
This unbalanced load source centre results in a remarkably high energy not served (ENS) and long recovery times.
“If a disturbance occurs causing 3-phase tripping on two transmission lines simultaneously, it results in a loss of synchronisation between the two sub-islands,” explained Saputra.
The geographical location of the Indonesian islands presents unique challenges. Islands outside Jawa, Bali, and Madura, such as Sumatra, Kalimantan, Sulawesi, Maluku, and Papua, are located around the equator, which means they experience a high amount of rainfall and frequent lightning strikes.
“Sumatra, Kalimantan, Sulawesi, Maluku, Papua… All these islands outside Jawa, Bali, and Madura are located around the equator, which means a high amount of rainfall and frequent lightning strikes,” said Saputra.
Local culture can also impact the transmission and substation network. Many communities fly kites using threads made from wire, which can interfere with the network. If the wire breaks, it can cause interference in the 2-line radial transmission.
“Many communities fly kites using threads made from wire. These kites can interfere with the network,” he said.
To address these challenges, several solutions have been implemented. Reclosers like Double Shot Auto Recloser (AR), Multiphase Auto Recloser, and time delay synchronisation are utilised at the High Voltage Bay line transmission between several islands. Upgrading outdated equipment and devices at substations to digital substations has helped eliminate hard wiring in control and protection systems.
“We use digital communication, such as Telegram and WhatsApp, to receive automatic notifications generated by Python and gateway IEC 61850 on any fault type trip and location of faults at every asset,” Saputra said. “This reduces outage duration and allows precise decision-making to rectify issues immediately and recover outages.”
The accelerated implementation of large-scale renewable
energy (EBT) projects introduces additional concerns. There is a risk that steam power plant assets will gradually become neglected and unproductive.
Also, creating large-scale EBT and battery banks involves significant investment costs and environmental issues, such as handling EBT waste and obsolete solar panels. Comprehensive strategies for sustainable disposal and recycling are needed.
“There is concern that steam power plant assets will gradually become neglected and unproductive,” Saputra said. “Moreover, creating large-scale EBT and battery banks involves significant investment costs and environmental issues.”
If the average load remains low, there is a risk of an excessively high increase, which can cause permanent damage to equipment due to stress beyond its maximum capacity
To improve system reliability, Persero has undertaken several measures. These include transposing the transmission section’s substation gantry and installing bay reactors or bay capacitors, depending on whether the voltage is too high or too low.
“We turn on Double Shot AR and 2nd Stage AR in areas with frequent brief issues in the power lines,” said Saputra.
For longer lines with several sections at risk of separating and causing synchronisation problems, Multi-Phase Auto Reclose is activated. The goal is to build new lines to create a looped network for better reliability, meeting the n-1 contingency. Ensuring the right equipment is used, such as modern reclosers, also helps cover blind spots and improve protection in distribution networks.
The JAMALI System is a crucial component of Indonesia’s energy infrastructure, serving millions of people across Jawa, Madura, and Bali. By addressing the technical and environmental challenges and integrating advanced technologies and renewable energy sources, the system’s reliability and efficiency can be significantly improved.
Fossil fuels make up 83% of ASEAN energy mix. With energy needs expected to triple by 2050 compared to 2020 levels, the urgency for a low-carbon transition is clear. Nine ASEAN countries have committed to reaching net zero or carbon neutrality by mid-century.
Unlike some developed and emerging countries, ASEAN’s gross domestic product (GDP) growth and CO2 emissions have risen in tandem due to a reliance on fossil fuels as a dependable and affordable energy source. Between 2005 and 2022, energy consumption and greenhouse gas emission has grown by 3% and 4% respectively, surpassing the global average of 1%, surpassing the global average of 1%.
Carbon capture and storage (CCS) technologies capture carbon emissions and store them permanently in geological formations. When the captured carbon is instead utilised for various applications, it is referred to as carbon capture and utilisation (CCU). The combination of both processes is known as carbon capture, utilisation, and storage (CCUS).
These technologies are aiming to bridge the gap between current energy practices and a sustainable future by implementing a thoughtful use of fossil fuels whilst decreasing carbon emissions.
Southeast Asia’s industrial landscape and the role of CCS
The region’s industrial landscape heavily relies on coal and natural gas, especially in cement and steel. These industries require high fuel combustion temperatures, which are difficult or impossible to replicate with electricity, whilst some sectors also produce CO2 as part of their fundamental chemistry.
The region, particularly Indonesia, is poised to become one of the top three global hubs for heavy industry, due to its advantageous geographical location, rapid influx of Foreign Direct Investment, relatively low labour costs, and substantial market potential. However, the heavy industry accounts for 15% of CO2 emissions worldwide, and in ASEAN, they generate 20% of energy-sector emissions.
Alongside improvements in energy efficiency, CCS emerges as one of the few scalable solutions available for these hard-to-decarbonise sectors, capable of reducing emissions by up to 90%. Reports suggest net-zero emissions in these industries without CCS may be impossible and, at best, more expensive.
CCS and renewable energy: complementary roles
CCS and renewable energy each fulfil essential, yet distinct roles within the broader framework of the energy transition. CCS can provide dispatchable power that operates flexibly at lower loads, not only to complement output from intermittent renewables but also to facilitate increased capacity of renewables on the grid. It provides necessary security of supply and grid-stabilising services. On the other hand, renewable energy is vital for achieving sustainability goals and reducing dependence on fossil fuels over the long term.
In line with this, the production of low-carbon hydrogen via coal or natural gas with CCS stands as the most cost-effective solution in regions lacking renewable resources. This method not only aligns with the urgent need to enhance hydrogen production from 70 million tonnes to 425-650 million tonnes per annum by mid-century but also supports net-zero emissions where direct electrification is challenging.
ASEAN’s unique opportunity through regional cooperation
ASEAN has a unique opportunity to lead in CCS technology, viewing climate change as a green investment opportunity rather than a challenge. Many have incorporated CCS in their climate strategies, including
ALDILLA RAKHIEMAH
Senior Researcher
ASEAN Centre for Energy
LINTANG AMBAR PRAMESTI
Junior Associate Research Analyst
ASEAN Centre for Energy
Indonesia, Vietnam, Malaysia, Thailand, and Singapore.
Implementing CCS requires substantial investment. ASEAN can reduce costs and risks through regional cooperation, knowledge sharing, technology transfer, and joint R&D. Standardising regulations and sharing best practices can streamline permitting and approval, accelerate project development, and optimise carbon transport and storage.
Interconnected CCS hubs can cut costs via economies of scale, making CO2 transportation and storage more affordable and appealing to investors, whilst also supporting the regional blueprint towards energy cooperation under the ASEAN Plan of Action for Energy Cooperation. Cross-border CO2 movement allows high-emission nations with limited storage to partner with those with ample capacity. A prime example is shown by Singapore-Indonesia LOI, building on Indonesia’s 2024 CCS regulation allowing 30% of storage capacity for foreign carbon.
Investments in CCS projects in Southeast Asia, though averaging nearly $1b annually, can stimulate economic growth and create diverse employment opportunities. The ILO notes that while the Paris Agreement may displace jobs, it also creates global employment opportunities. CCS, however, supports a just transition, by enabling industries to contribute economically while advancing towards carbon neutrality.
The adoption of CCS in ASEAN faces unique challenges due to the region’s diverse economic and geological conditions. High initial costs and regional carbon pricing caps that often fall short of effective levels hinder the deployment of CCS technologies. To overcome these financial barriers, ASEAN countries should explore innovative financing models and foster international collaboration.
Technologically, ASEAN countries lag in developing CCS capabilities, with most still in the preliminary stages lacking pilot projects and the necessary expertise. This innovation gap necessitates increased research, capacity building, and knowledge sharing.
Policy support plays a crucial role in accelerating CCS adoption. Whilst countries like Indonesia and Malaysia have made significant strides with legal frameworks, not all ASEAN countries have fully developed policies. However, there is a growing movement towards implementing carbon pricing mechanisms which are crucial for mitigating the high costs of CCS.
Whilst geological storage of CO2 provides a secure climate change mitigation option, it still faces risks, especially during the initial phase of injection. Norway’s experience with Sleipner and Snøhvit CCS projects highlights the need for accurate seismic, well log, and other geological data, as well as dedicated regulations on MRV to ensure long-term safety and accountability, especially for ASEAN regions which are susceptible to natural disasters.
The absence of a unified international agreement on CO2 cross-border transport, coupled with storage destination countries like Indonesia, Malaysia, and Thailand not being parties to the London Protocol, complicates compliance with environmental standards. Effective crossborder CCS projects must navigate these complexities and align with the stringent environmental safeguards.
The transition to a low-carbon future requires more than just CCS. It demands improvements in energy efficiency, the adoption of renewable, and the development of alternative materials and production processes. A comprehensive approach which integrates CCS is essential for achieving substantial emissions reductions and ensuring a sustainable, economically viable energy future for ASEAN.
Southeast Asia is at risk of deepening its reliance on fossil fuels as it tries to meet surging electricity demand. On 22 October, during Singapore International Energy Week (SIEW), the International Energy Agency (IEA) warned that the region needs to boost clean energy investments to US$190b, about five times the current level, by 2035 to achieve its climate goals.
To hit these targets, urgent action, as well as increasing access to green finance, is needed. Significantly, Singapore and offshore wind power, can play an outsized role in supporting Asia’s decarbonisation, energy security, and economic growth.
With investment in Asia Pacific’s (APAC’s) offshore wind sector potentially hitting hundreds of billions of dollars over the next 25 years, numerous opportunities await investors and Singaporean companies. Indeed, Enterprise Singapore, the Association of Singapore Marine & Offshore Energy Industries (ASMI), and the GWEC, an international trade association, announced in late September that they are working together to foster more project and innovation opportunities between the city-state and international players in the space.
Billions of dollars of investment
Total investment in offshore wind in APAC is projected at US$621 billion by 2050. Markets expecting strong growth include China, Japan, South Korea, India, Vietnam, the Philippines and Australia.
Moreover, the offshore wind sector uses fleets of installation, construction, and maintenance vessels, meaning another US$72b to US$97b could be required for new ship construction by 2050, according to research from the Institute for Energy Economics and Financial Analysis.
This would be a boon to shipbuilders in the region as well as the maritime economies, like Singapore, that support and maintain such fleets. Over the years, many Singapore offshore and marine companies have pivoted from just servicing the oil and gas industry to also doing business in renewables. Several, including Seatrium, Mooreast, and Cyan Renewables, are already redeploying assets and recalibrating solutions for offshore wind generation.
Indeed, offshore wind holds the key to the energy transition and net-zero aspirations, as it provides large-scale power and generates more consistent energy compared to other forms of renewables. This makes it highly efficient and leads to improved project economics.
The Singapore opportunity
Nevertheless, scaling up finance ultimately remains one of the biggest challenges facing the sector in the region. Singapore, with its well-established banking and finance sector, can take the lead to help catalyze green project development with innovative financing solutions and partnerships.
However, worryingly, as COP29 looms large - where global leaders will gather to negotiate and advance efforts to combat climate change - there remains a lack of alignment on how to revamp the risk perceptions of capital markets to mobilize private investment in renewable energy. This is an opportunity for Singapore to play a key role in regional industrialisation by driving the expansion and modernisation of critical infrastructure while greening regional economies. Positively, Enterprise Singapore understands the opportunities to grow the nation’s economy and create good jobs. EnterpriseSG will be leading a delegation of Singaporean companies to the second annual wind energy summit of APAC industry players, civil society groups, financiers, and government representatives in South Korea from 26-28 November 2024 to help accelerate the development
of the nascent sector.
Chief of Strategy, Asia
Wind Energy Council
Asia needs low-cost financing to harness offshore wind
Still, the offshore wind industry urgently needs to lower the risk perceptions among financiers to access more competitive finance. In many countries in the Asia-Pacific, excluding China, the industry faces high financing costs as it is a relatively new technology. This poses a challenge because when the cost of capital is 1% higher, total capital spending costs for an offshore wind project increase by around 8%. Thus, a higher cost of capital plays an outsized role in the overall costs of offshore wind.
Whilst the cost competitiveness of renewables -- such as wind and solar -continues to strengthen compared to fossil fuels, many developing economies in the region remain constrained in financing the buildout of renewables and related grid infrastructure. Improved access to financing is vital for large-scale renewable energy projects, which are characterised by high upfront capital investments and zero fuel costs.
Remember that offshore wind projects are many years in the design and construction phase. To have an impact they need to move ahead now. Increased collaboration across the public and private sectors, as well as innovative financing, will be essential for scaling solutions.
So, let’s push boundaries, invest in sustainable innovations, and advocate for policies that accelerate adoption. Together we can achieve a sustainable future. Crucially, Singapore can lead the way. But action is urgently needed.
This is why GWEC is calling on experts from renewable energy finance and project development teams, as well as export credit agencies, development finance institutions, commercial banks, financial agencies, policymakers, and civil society groups, to join the APAC Wind Energy Summit in South Korea in late November.
The objective is to create a common perspective on how to increase wind project investability and achieve ambitious, sustainable financing conditions for renewable energy in the region this decade to hit Asia’s decarbonisation, energy security, and economic growth targets. Crucially, Singapore and Singaporean companies can play an outsized role.
We’re unleashing the power of clean heat
Burning fuel to generate heat accounts for some 50 % of energy consumption and 40 % of carbon emissions. Our heat pumps extract heat from a lowtemperature source like water or air and amplify it to temperatures useful for district heating or industrial processes. The technology is extremely reliable, robust, efficient, and scalable to your needs. You get heating and cooling that is inexpensive and clean.
www.man-es.com
