Frank Phuan’s Equator Renewables Asia Raises S$50 Million To Expand Solar And Green Hydrogen Projects In Indonesia

Equator Renewables Asia (ERA), a renewable energy company founded by entrepreneur Frank Phuan, has successfully raised S$50 million to develop large-scale solar power, green hydrogen, and sustainable industrial zone projects in Indonesia. The funding is supported by Indonesia-based agribusiness conglomerate KPN Corporation and Singapore-based purpose-driven enterprise Tsao Pao Chee, which together contributed S$30 million as strategic cornerstone investors. The remaining S$20 million will be invested by Phuan himself along with ERA’s management team.

ERA was established last year after Phuan exited Sunseap Group, the company he co-founded, following its acquisition by Portugal-based renewable energy company EDP Renewables. With ERA, Phuan is continuing his focus on advancing clean energy development across Southeast Asia and supporting the region’s decarbonization efforts.

The company has already secured Conditional Approval and a Conditional Import License from the Energy Market Authority to import up to 400 megawatts of renewable power from Indonesia into Singapore. This initiative is part of a broader regional push to strengthen cross-border clean energy collaboration and accelerate the transition toward low-carbon power systems.

The investment also aligns with the Memorandum of Understanding signed on 13 June 2025 between Singapore and Indonesia to develop a Sustainable Industrial Zone across the Batam, Bintan, and Karimun regions. The initiative aims to create a regional hub for clean energy manufacturing, battery storage, and logistics while promoting sustainable industrial development and attracting green investment.

Both countries have committed to reducing carbon emissions and achieving net-zero targets, with Singapore targeting net zero by 2050 and Indonesia aiming for 2060. ERA’s flagship project linking the two nations is expected to play an important role in advancing these climate goals and supporting the development of the broader ASEAN Power Grid.

As part of the new partnership, Brian J. Chen, a director at KPN and a personal investor in ERA, and Robin Pho, Managing Director for Energy Transition at Tsao Pao Chee, will join ERA’s board of directors. According to the company, KPN’s extensive land holdings across Indonesia will help accelerate the deployment of large-scale solar, battery storage, and green hydrogen production projects.

ERA’s growing project pipeline in Indonesia currently includes multiple solar photovoltaic developments with a combined capacity of 2.2 gigawatt-peak (GWp), around 3.2 gigawatt-hours of battery energy storage systems, and new initiatives focused on green hydrogen production to support the region’s transition to clean energy.