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Week In ASEAN: ComfortDelGro And Engie Expand Into Solar With Second Joint Venture; And More

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ComfortDelGro and Engie Expand into Solar With Second Joint Venture

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ComfortDelGro, through its wholly-owned subsidiary, ComfortDelGro Engineering Pte Ltd (CDGE), and ENGIE South East Asia (ENGIE) are expanding their strategic partnership from Green Mobility to Renewable Energy. Leveraging on ENGIE’s leading expertise in renewable energy worldwide, they will jointly develop and manage solar solutions as part of ComfortDelGro’s journey towards carbon neutrality. Both companies have signed a second Joint Venture (JV) agreement with the intention to support the electrification of ComfortDelGro’s fleet of vehicles with renewable power and offer fast charging solutions to their drivers and public electric vehicle (EV) users from Renewable Energy assets on their premises through ComfortDelGro ENGIE Solar Pte Ltd (Solar JV). The Solar JV comes just two months after the first venture, ComfortDelGro ENGIE Pte Ltd, had successfully won the tender to deploy 479 EV chargers across the island of Singapore by the third quarter of 2022. 

Thai Energy Developer Expects Growth in Rooftop Solar Projects

Thai renewable energy developer and construction firm, Gunkul Engineering PCL, expects a 20% rise in total revenue next year owing to its rooftop solar PV installation and construction service, as well as cannabis businesses. Gunkul Engineering operates renewable power generation businesses — wind and solar farms as well as rooftop solar panels — in Thailand, Malaysia, Vietnam, and Japan, with a current combined capacity of 642MW. The main source of revenue growth for Gunkul Engineering for this year is accounted for by the increase in power generation capacity, especially from rooftop solar energy development and construction under private power purchase agreements. Gunkul Chief Executive Officer & Secretary to the Board of Directors, Somboon Aueatchasai mentioned that the revenue growth rate is similar to this year, despite the ongoing Covid-19 pandemic.

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Mainstream Renewable Raises Additional €90 Million Funding For RE Assets

Mainstream Renewable Power has raised €90 million in additional funding to accelerate new market entries and the build-out of gigawatt-scale wind and solar assets across Latin America, Africa, and the Asia Pacific region. The capital increase raised €90 million from Mainstream’s current shareholder base, including Aker Horizons, which maintained its 75% stake in the company. Demand from Mainstream’s Irish investor base was strong, resulting in an oversubscribed transaction. The funding round will help accelerate the company’s growth, extend its footprint and support its ambitions of building a global renewable energy major. Mainstream has secured several strategic wins in recent months, including winning preferred bidder status of projects with a combined capacity of 1.27 GW in South Africa, launching the 1 GW Nazca Renovables platform in Chile, and securing an investment decision from the Provincial Government of Soc Trang relating to the 1.4 GW Phu Cuong Soc Trang offshore wind project in Vietnam.

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Singapore’s First Offshore Solar Import Project To Provide Green Energy to Consumers

PacificLight Power Pte Ltd (“PLP”), a Singapore-based power generation and electricity retail company, working with a consortium comprising Medco Power Indonesia, an Indonesian leading independent power producer, and Gallant Venture Ltd, a Salim Group company, has been granted in-principle approval by the Energy Market Authority (“EMA”) for a 100MW pilot solar import project from Indonesia to Singapore. The Project is in line with the Singapore Green Plan 2030 to increase renewable generation. A Joint Development Agreement was signed between the consortium during the Singapore International Energy Week on 25 October 2021 and witnessed by the Minister of Energy and Mineral Resources of the Republic of Indonesia and the Second Minister for Trade and Industry of Singapore.

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