The Asian Infrastructure Investment Bank (AIIB) has signed a USD100 million commitment toward climate transition investments in emerging Asia. Of the total commitment, USD75 million is committed to the Actis Asia Climate Transition Fund (the Fund), managed by Actis GP LLP, and up to USD25 million co-investment sleeve alongside the fund. This marks AIIB’s first climate transition-themed fund dedicated to emerging Asia and highlights the Bank’s commitment to sustainable development and climate change mitigation in the region. “Our commitment to the Actis Asia Climate Transition Fund underscores AIIB’s dedication to financing sustainable infrastructure and fostering low-carbon solutions in Asia,” said Rajat…
Author: Chitrika Grover
Sungrow, a global PV inverter and energy storage system provider, recently inked an agreement with MSR Green Energy SDN BHD (MSR-GE) to advance a 100MW/400MWh Battery Energy Storage System (BESS) project in Sabah, Malaysia. This project’s final installed capacity will be 517MWh to meet the client’s long-term capacity needs. MSR-GE, the lead company in the venture, successfully secured the tender from Sabah Electricity Sdn. Bhd. (SESB) and accepted a Letter of Award dated September 11, 2024. The contract, valued at approximately RM645 million, covers the engineering, procurement, and construction of the Sabah BESS Project. The signing ceremony was attended by Sungrow Senior Vice…
Recently, Sungrow, the world’s leading inverter seller in 2023, delivered 66 sets of its energy storage system, PowerTitan 2.0, in the UK, demonstrating its acceleration of energy storage deployment in Europe. In the Middle East, over 1,500 sets of PowerTitan 2.0 are set for deployment, contributing to one of the world’s largest energy storage projects with a capacity of 7.8 GWh. Similarly, in Asia, multiple PowerTitan 2.0 projects have been successfully commissioned, showcasing impressive performance in cost reduction, safety, grid forming, etc. PowerTitan 2.0 has been rapidly gaining global traction, pioneering the energy storage industry’s transition into the AC Block…
The Asian Development Bank (ADB) and the Government of Bhutan have signed a $30 million loan agreement for the Distributed Solar for Public Infrastructure Project. The project aims to generate up to 35 megawatts of solar power systems on rooftops of public infrastructure across the country. Energy security in Bhutan has become a growing concern because of rising electricity demand and insufficient power supply, particularly during the winter season. The project will support the Government of Bhutan’s national priority to enhance the climate resilience of energy systems and address energy security concerns through the diversification of energy source. The loan…
The guidelines introduce the Corporate Renewable Energy Supply Scheme (CRESS), which aims to help companies in Malaysia source renewable energy. The scheme allows businesses to buy green electricity directly from renewable energy developers (REDs) through open access to the electricity grid. It is part of Malaysia’s effort to address climate change and achieve a renewable energy target of 70% by 2050. Under CRESS, companies can form agreements with REDs to supply renewable electricity to their operations. The energy will flow through the national electricity grid, managed by the Electricity Utility Company (EUC). The EUC ensures that both the REDs and…
Sunview Group Berhad, a company listed on the ACE Market of Bursa Malaysia Securities Berhad, has announced that its wholly-owned subsidiary, Fabulous Sunview Sdn. Bhd., accepted RM30 million in banking facilities from Bank Muamalat Malaysia Berhad. The facilities comprise RM500,000 under the Muamalat Cashline-i (General) and RM29.5 million in Letter of Credit-i (LC-i) / Muamalat Cashline-i (Invoice) Pre-Financing and Kafalah Bank Guarantee-i (KBG-i). These funds are expected to support the company’s operational needs and future growth initiatives. Sunview stated that the financing arrangement will not affect its issued share capital or the shareholdings of its substantial shareholders. The facilities are…
The Asian Development Bank (ADB) has approved a $500 million policy-based loan to help Indonesia accelerate its energy transition. The Affordable and Sustainable Energy Transition Program will support various policy measures for the country to achieve its enhanced nationally determined contribution (NDC) and net-zero power emission targets by 2050, of which this is the first of two subprograms. “Indonesia is at a critical juncture in its energy transition journey,” said ADB Country Director for Indonesia Jiro Tominaga. “This policy-based loan program supports Indonesia’s foundational and collaborative policy development to identify and address the sector’s complex challenges to accelerate its shift towards…
Scatec ASA, a leading renewable energy provider, has signed an agreement to sell 39-megawatt (MW) Dam Nai Wind farm and the associated operating company in Vietnam to Sustainable Asia Renewable Assets (SARA), a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (“SAETF”). Scatec will receive an upfront consideration of USD 27 million for its 100% equity stake at completion, with potential for additional earn-out payments of up to USD 13 million that are subject to certain conditions being fulfilled prior to May 2026.“We have decided to exit Vietnam after operating the Dam Nai wind farm since the…
The Asian Development Bank (ADB) has approved a $100 million policy-based loan to support Sri Lanka’s water supply and sanitation sector reforms to enhance the country’s resilience to climate change impacts and promote long-term sustainability. The Water Supply and Sanitation Reform Program, composed of two subprograms of $100 million each, will contribute to a more resilient and sustainable delivery of water supply and sanitation services. Subprogram 1 will establish policies and strategies nationally and for the National Water Supply and Drainage Board (NWSDB) while the subprogram 2 will support the implementation of reform actions and guidelines. “Efficient delivery of safe…
Horizon Fuel Cell electrolyzer subsidiary HET Hydrogen Pte Ltd is working with a long-term Horizon distribution partner on the new Joint Venture (JV), Indify Fuel Cell Private Ltd, which aims to establish assembly facilities capable of turning out GW quantities of electrolysers in two stages, with the startup phase able to assemble at least 100MW per year, expected to be operational early 2026. Green hydrogen is being prioritized under the Government of India’s “Green Hydrogen Mission”, which foresees and incentivises massive uptake of sustainable hydrogen in search of cleaner industry, decarbonised transportation and new export opportunities. HET expects to play…