Three Singapore firms to invest $100m in Southeast Asian renewables projects
Projects in the Philippines, Indonesia, and Myanmar are already in the pipeline for financing.
Singapore-based firms WEnergy Global, ICMG Partners, and Greenway Grid Global (GGG), an investment company with TEPCO Power Grid Inc (TEPCO-PG) as one of the major shareholders, have formed an investment entity of $60m.
According to an announcement, this entity will finance and operate renewable energy projects in Southeast Asia, of which $20m has been made available for short term deployment. This newly formed Singapore company, CleanGrid Partners, aims to build and manage a portfolio of electrification projects valued at about $100m within three to four years.
Shinichi Imai, TEPCO PowerGrid managing director of International Business Development Unit and Greenway Grid global chairman, said, "Collectively, the group aims to contribute to achieving the Sustainable Development Goals (SDGs) and the targets set in the Paris Agreement for Climate Change through innovation."
WEnergy Global has already set the stage by being an initiator for a microgrid project in Palawan in the Philippines, to be part of this electrification plan.
Several other projects in the Philippines, Indonesia, and Myanmar are already in the pipeline. CleanGrid Partners is aiming at enabling a rapid replication of the Palawan project in several other places in Southeast Asia to meet the demand for off-grid and decentralised electrification. In Singapore, the partners aim at engagements in smart microgrids at industrial estate level.
ICMG Partners is a global management consulting firm with operations in Singapore whilst WEnergy Global is a Singapore engineering and investment company focused on renewable energy microgrids in Southeast Asia.