Week In South East Asia: SP Group And EDF Partners To Develop 1,000MWp Solar PV Plant; And More

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SP Group And EDF Partners To Develop 1,000MWp Solar PV Plant

SP Group (SP) signed a Memorandum of Understanding (MOU) with EDF Group (EDF) to jointly develop a subsea transmission cable to support renewable energy import from Indonesia. The infrastructure aims to facilitate future electricity import from Indonesia, starting from a proposed 1,000MWp solar photovoltaic plant to be developed by a consortium of partners led by EDF Renewables, a subsidiary of EDF. As part of the MOU, SP and EDF will embark on commercial, regulatory, and technical feasibility studies for the subsea cable, and explore opportunities to widen the interconnection to other neighbouring clean energy generation sources in Indonesia to improve economies of scale. When completed, the subsea transmission cable will be a key enabler for regional power system integration, ensuring scalable grid connection capacity from Indonesia.

EDF Renewables Partners With VinaCapital To Invest In SkyX

VinaCapital Group, one of Vietnam’s leading investment management companies with over USD3.7 billion in assets under management, announced that EDF Renewables, an international leader in renewable energy, has made a significant investment in SkyX Energy, the holding company of SkyX Solar, a rooftop solar power developer, and a VinaCapital subsidiary. In just a few years, Vietnam’s rooftop solar energy sector has grown from virtually nothing into Southeast Asia’s leading solar market, with cumulative rooftop solar capacity totaling 9.3 gigawatts at the end of 2020, according to BloombergNEF1. With EDF Renewables as a strategic partner, SkyX Solar which has around 30 MWp of solar projects under operation, plans to invest more than USD100 million to further develop 200MWp of rooftop solar and distributed energy solar projects for commercial and industrial customers in Vietnam over the next few years.

SUSI Partners To Finance Canopy Power to Bring Clean Power Solutions Across Southeast Asia

SUSI Partners, through its Asia Energy Transition Fund (SAETF), has joined forces with Singapore-based microgrid technology provider Canopy Power to bring clean power solutions to off-grid locations across Southeast Asia. Under the agreement with Canopy Power, SAETF will fund microgrid projects combining solar photovoltaics with battery storage and energy management technology to replace emissions-intensive diesel generators in locations underserved by or disconnected from utility grids. Canopy Power will contribute their engineering, procurement, and construction expertise to deliver the projects to customers across the tourism, agriculture, mining, and fishery industries, among others, and to serve remote communities. Microgrids not only provide a clean energy solution to end customers otherwise reliant on more polluting alternatives, they also enhance the security of supply and lower energy costs due to continuously decreasing prices for solar and battery storage systems, SUSI said. This is especially important in areas that do not allow for centralized grid access, which is an issue that is pervasive across Southeast Asia, a region that encompasses thousands of islands and otherwise remote areas.

Cleantech Solar Secures Rs 2 Billion Loan Facility for Open Access Portfolio in India

Cleantech Solar, a leading provider of renewable energy solutions to corporations in India and Southeast Asia, announces the financial close of an INR 2 billion senior secured loan facility with NIIF IFL for the company’s portfolio of Open Access projects in India. With this transaction, the solar developer has established a strategic partnership with NIIF IFL – Infrastructure Debt fund set up by the National Investment and Infrastructure Fund. It will also help optimize the overall capital structure and funding costs for the portfolio. Cleantech Solar has Royal Dutch Shell and Climate Investor One as its strategic investors. Last year, the company secured Asia Pacific’s largest green loan of US $75 million from ING bank and also has loan facilities from SBI-World Bank and Tata Cleantech Capital. Cleantech Solar has significantly ramped up its growth since the company was founded in 2014. The company has a portfolio of over 600 MWp of solar assets across India and Southeast Asia.

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