Week In ASEAN: Metro Pacific Investments To Invest 2 Billion Pesos In SP New Energy; LONGi Enters Into Renewable Energy Cooperation As Framework Supplier In Singapore And Indonesia; And More

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Metro Pacific Investments To Invest 2 Billion Pesos In SP New Energy


Metro Pacific Investments Corporation (MPIC), the country’s leading infrastructure investments company, has entered into a definitive agreement to invest 2.0 billion Pesos to acquire 1.6 billion common shares of SP New Energy Corporation (SPNEC) from SPNEC’s parent Solar Philippines Power Project Holdings, Inc. (SPH), with MPIC to be given the option to become the single largest shareholder of SPNEC. SPNEC is an integrated developer, owner, and operator of solar power projects listed on the Philippine Stock Exchange. MPIC, represented by its Chairman and President Manuel V. Pangilinan, and SPH, represented by its President and CEO Leandro Leviste, signed the agreement for the purchase of secondary shares of SPNEC. SPH will advance the proceeds to SPNEC to fund its land investments in Nueva Ecija, where the Company is developing what could be Asia’s largest solar project.

LONGi Enters Into Renewable Energy Cooperation As Framework Supplier In Singapore And Indonesia


A Memorandum of Understanding on renewable energy cooperation has been signed by Luhut Binsar Pandjaitan, Indonesia’s Coordinating Minister for Maritime Affairs and Investment, and Teo Chee Hean, Singapore’s Senior Minister, and Coordinating Minister for National Security, at the countries’ recent leadership retreat. The agreement will enhance Indonesia’s ability to develop renewable energy and will promote cross-border electricity trade for mutual benefit. As a local supplier, LONGi, represented by Dennis Guo, general manager for South East Asia, attended the signing ceremony.


Alternergy Holdings Corporation Debuts On Philippine Stock Exchange

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Alternergy Holdings Corporation listed its shares on the Philippine Stock Exchange (PSE) making it the first company to debut on the stock market this year. The renewable energy (RE) firm raised Php 1.62 billion from its IPO. The amount will be used by the company to finance the development and construction of its Solana Solar and Lamut Hydro projects and for pre-development expenses of its various pipeline projects. ALTER will also use the funds to pay for accrued liabilities, for general corporate requirements, and as working capital to operationalize Retail Electricity Supply.

Meta Bright Group’s FBO Land To Provide Solar PV Plants For Five Non-Profit Institutions In Johor, Malaysia

Meta Bright Group Berhad is pleased to announce that its wholly-owned subsidiary, FBO Land (Setapak) Sdn. Bhd. (FBO), had issued offer letters regarding the solar program to five mosques and surau in Johor, to exclusively design, finance, install, construct, commission, operate and maintain the solar photovoltaic generating plants at the clients’ sites, leveraging on FBO’s status of a Registered Solar PV Investor (RPVI). All 5 clients have accepted the issued offer letters. The program entails a term of 21 years, with the Client to purchase all the renewable electricity generated by the plants at the site, thus generating recurring income to FBO. It also entails a 15% discount to prevailing Tenaga Nasional Berhad (TNB) tariff rates equipped with imbalance cost passthrough (ICPT) for the Client.

Bursa Malaysia, UMW Corporation, And Maybank Join Forces To Accelerate Green Finance With Centralised Sustainability Platform

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Bursa Malaysia Berhad signed a Memorandum of Collaboration (MOC) with UMW Corporation Sdn Bhd (UMW) and Malayan Banking Berhad (Maybank) to deploy a Centralised Sustainability Platform. Working in collaboration with the London Stock Exchange Group (LSEG), Bursa Malaysia has developed and tested the Platform that will serve as a repository for listed companies’ ESG disclosures. The Platform will enable listed companies to reinforce their sustainability disclosures and accelerate the swift adoption of their supply chain’s carbon emissions, which also includes non-listed entities. The Platform will also help banks develop green financing products and services, that will incentivise and encourage decarbonisation of the corporate sector and their supply chain.

Coro Energy Plc Enters Revises Agreement For Potential 3.25 MW Solar Portfolio Acquisition In Vietnam

Coro Energy Plc, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has entered into a revised Heads of Terms with the shareholders of KIMY Trading and Service JSC, following its due diligence process, in respect of the potential 3.25 megawatts acquisition, announced on 25 November 2022. As announced on 25 November 2022, the Company entered into a period of exclusivity on a 100% interest in a leased rooftop solar portfolio in Vietnam across four locations close to Saigon with an aggregate generating capacity of 3.25 megawatts currently held by KIMY. The Portfolio has been operational for two years and benefits from an existing power purchase agreement with a remaining eighteen-year term, with the power off-taker being state-owned Electricity Vietnam (EVN).

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Malaysia Well-Placed To Achieve Clean Energy Goals, Says IRENA Report

The International Renewable Energy Agency (IRENA) has recently released a report titled “Energy Transition Outlook: Malaysia”. The report analyses Malaysia’s energy system and provides insights into the country’s potential to transition to a low-carbon and sustainable energy system. Malaysia is among the most highly developed states of the Southeast Asia region and a founding member of the Association of Southeast Asian Nations (ASEAN). By 2050, the primary energy supply in Malaysia is expected to increase by 60% over that of 2018, while the country’s population is projected to rise to more than 40 million people. According to the report, Malaysia has made significant progress in developing its renewable energy sector in recent years, but there is still a long way to go in order to achieve the country’s clean energy targets.

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