Week In South East Asia: SunSource Energy Secures Funding From SHV Energy To Facilitate Growth; Brunei Is Getting Ready For A Solar Powered Future; Sunseap’s Japan Expansion and More

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SunSource Energy Secures funding From SHV Energy to Facilitate Growth, Targeting a 1 GW+ Portfolio in Distributed Solar

SHV Energy and SunSource announced that SHV Energy, a Dutch family-owned multinational founded 125 years ago and leading global distributor of LPG, will invest in SunSource Energy, a leading provider of distributed energy for commercial and industrial (C&I) customers in India with a presence across South-East Asia. SHV Energy’s acquired majority stake is part of the companies’ renewable solutions strategy and ensures a further expansion of SunSource’s solar portfolio to 550+ MWp by 2023. This new partnership will directly benefit SunSource’s ability to expand its portfolio of projects for C&I customers. SunSource Energy’s co-founders Kushagra Nandan and Adarsh Das will continue to run the company and remain shareholders.

Brunei Is Getting Ready For A Solar Powered Future

His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office, as Chairman of the Board of Directors of the Brunei Shell Joint Venture companies consented to grace the opening of the Seria Energy Lab (formerly known as the Oil and Gas Discovery Centre) and the launching ceremony of Brunei Shell Petroleum Co. Sdn Bhd (BSP) Flagship Solar PV Plant. BSP’s Flagship Solar PV Plant, located at G11 along Jalan Tengah, Seria is the second solar plant in Brunei, featuring the latest technology in solar panels. The construction of the plant took over seven months, where almost 7,000 solar panels were installed on the four hectares of land. The 3.3MWp plant produced its first power on 30th March 2021. The solar power generated is equivalent to the electricity consumption of approximately 600 households per year and will offset some of the power used by the BSP Head Office. On a national level, the power generated will contribute towards Brunei’s target of producing 100MWp renewable energy by 2025.

IEEFA: LNG-to-Power Investors In The Philippines Risk Exposure To $14 Billion In Stranded Assets

 The race to develop liquified natural gas (LNG) facilities in the Philippines has gone from a marathon to a sprint but potential LNG investors must proceed at their own risk, according to a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). Renewable energy growth will cause LNG to become increasingly uncompetitive. 

The report’s author Sam Reynolds says – “As renewables prices continue to drop and global LNG markets tighten to increase fuel costs, LNG-related investments will become increasingly uncompetitive in the Philippines market, especially as smaller electricity consumers become eligible to choose their retail suppliers. Rapidly declining cost curves for renewables demonstrate that long-term pricing has shifted in favour of renewable energy growth. As policies in the Philippines accelerate the transition to clean energy, natural gas-fired power plants reliant on volatile imported fuel prices will realize fewer opportunities for long-term guaranteed returns. Going forward, investors will have to take on significantly greater market risk. Whether they will be willing to do so remains to be seen.”

Sunseap To Expand In Japan With New Investors In Latest Series E Funding

Sunseap Group is set to expand its business in Japan on the back of investments from three Japanese corporations in its latest Series E funding round. The new investors are Sumitomo Corporation, Shikoku Electric Power Company, and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The proceeds will be used by Sunseap to invest in projects in Japan at a time when the country has pledged to achieve carbon neutrality by 2050. This is the first time that these Japanese corporations are investing in Sunseap. The partnership will pave the way for Sunseap to introduce a slate of clean technology and business solutions to the Japanese market.

Vena Energy Begins Operation Of 8.2 MW Hancock Solar Project In Changhua County, Taiwan

Vena Energy, Asia-Pacific’s leading renewable independent power producer (IPP), announced today the commercial operation of its 8.2 MW “Hancock” Solar Project in Changhua County, Taiwan. The Hancock Solar Project was completed in just 10 weeks with a workforce of 140 at the peak of its construction, and spans over an area of 8.28 hectares. The Project features 21,780 photovoltaic solar panels that produce up to 11,588 MWh annually, capable of supplying around 2,926 local households with renewable energy yearly. Compared to conventional thermal energy generation, the Hancock Solar Project will also reduce approximately 5,898 tonnes of greenhouse emissions, while saving up to 10 million litres of water annually.

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