Cenergi SEA Partners with Allianz General Malaysia to Insurance Cover its Solar PV Systems
Allianz General Insurance Company (Malaysia) has partnered with renewable energy project specialist Cenergi SEA to provide insurance protection for the latter’s solar photovoltaic (PV) systems. The local arm of the Germany-based insurance giant signed a memorandum of understanding with Cenergi and Sterling Insurance Brokers, as part of a bid to promote solar energy as a more viable energy source, according to a report by Malaysian state-owned media Bernama. The partnership will also involve Cenergi promoting Allianz General’s other commercial property insurance products as well as other specialised solutions to its partners and clients.
BayWa r.e. delivers the first operational solar park won in Malaysia’s LSS2 Auction
The 39MWp plant in Gebeng, Pahang, will generate enough electricity for 12,000 homes. BayWa r.e. with the assistance of local partner HD Earth Sdn. Bhd. won the project in the second solar tender held by Suruhanjaya Tenaga, Malaysia’s Energy Commission in 2017. This is the first solar farm to reach commercial operation out of all the winning bidders, connected to the 132kV national transmission network. The LSS2 auction was undertaken by the Malaysian Government to help the country achieve its objective to generate 24% of electricity from renewable sources by 2050.
Vietnam Goes Big on Solar Power
By the end of last year, Vietnam had surpassed Malaysia and Thailand to reach the largest installed capacity of solar power in Southeast Asia, with 44% of the total capacity, according to figures from Wood Mackenzie, a firm that sells consulting services in the energy industry. The figures show that Vietnam is serious about solar power, an issue that had been up for debate for years. Solar supporters were encouraged to see the government offer a high feed in tariff (FiT), a fee pioneered in Germany to let solar panel owners sell power to the grid. This helped push Vietnam to reach 5.5 gigawatts of solar capacity last year.
Masdar to install 145 MW of floating PV in Indonesia
Abu-Dhabi-based renewable energy business Masdar has signed a power purchase agreement with Indonesian state electricity company Perusahaan Listrik Negara (PLN) to develop the country’s first floating PV plant. Masdar, part of the state-owned Mubadala investment fund, says the floating project will be the largest of its kind in Southeast Asia. The agreement, finalized at the presidential palace in Abu Dhabi on Sunday, represents a coup for crown prince Sheikh Mohamed bin Zayed Al Nahyan and Indonesian president Joko Widodo. Abu Dhabi says it wants to diversify its fossil fuel-dominated energy portfolio and Indonesia needs solutions to the power integration issues plaguing its archipelago.
ADB signs deal for long-term solar financing in Vietnam
The Asian Development Bank (ADB) has provided TTC Energy Development Investment with a $37.8 million loan deal to accelerate the deployment of solar energy in Vietnam. TTC Energy is a subsidiary of Thailand’s largest utility GED. The loan will be used to fund the Gulf Solar Power Project which includes the development and operation of a 50MW solar plant in Tay Ninh Province. The project will power consumers in Ho Chi Minh City and reduce annual carbon emissions by 29,760 by 2020. Vietnam has set a goal to increase hydropower, solar, wind and biomass energy capacity by 21% by 2030 and to reduce greenhouse gas emissions by up to 25% by 2030. The loan is divided into two, an $11.3 million A loan, an $18.9 million B loan and an additional $7.6 provided by Leading Asia’s Private Infrastructure Fund, which is supported by the Japan International Cooperation Agency. T. The B loan will be funded by Bangkok Bank PCL, Siam Commercial Bank PCL, and Standard Chartered Bank (Thai) PCL.