Author: Lakshita Kapoor

The Asian Development Bank (ADB) has approved a $30m Small Expenditure Financing Facility (SEFF) for the Ceylon Electricity Board (CEB) to boost the sustainability of energy projects in Sri Lanka. This is Sri Lanka’s first SEFF, designed to support the operational sustainability of ADB-financed energy projects, promote initiatives to increase the share of renewable energy, and encourage private sector participation in the renewable energy sector. The facility will fund post-completion activities of ADB-backed projects, feasibility studies for advanced renewable energy technologies, preparatory work for transmission and distribution upgrades, and capacity building in emerging technologies. Half of the $30m will be…

Malaysia to start its first cross-border renewable energy (RE) trade with Singapore this month. The project, with a capacity of 50 megawatts (MW), is part of a renewable energy initiative led by Malaysia’s Ministry of Energy Transition and Water Transformation (PETRA). The electricity supply will be handled by Tenaga Nasional Berhad (TNB), Malaysia’s national utility company. It will deliver the renewable energy to Singapore’s Sembcorp Power Pte Ltd (Sembcorp Power) through the existing interconnection network between the two countries. The renewable energy supply comes from a competitive bidding process conducted by Energy Exchange Malaysia (ENEGEM) in June. ENEGEM facilitates the…

BECIS (BE C&I Solutions Holding Pte. Ltd.) headquartered in Singapore announced $53 million in new equity financing from its existing shareholders. These shareholders include FMO, KLP Norfund Investments, Pula Investments (represented by Berkeley Energy), and Siemens Financial Services. The funding will support BECIS in expanding its decarbonization solutions across its eight operating markets namely India, Thailand, Indonesia, Vietnam, the Philippines, Malaysia, China, and Cambodia. BECIS specializes in renewable energy services such as Solar and Bioenergy, while also expanding into Cooling and Heating services under its New Solutions portfolio. The company plans to use the funding to achieve its target of…

Swift Energy Technology Bhd is preparing to raise RM70.06 million ( approx 16 million USD) through its initial public offering (IPO). Shares will be offered at 28 sen each, and the company is set to be listed on the ACE Market on January 8, 2025. The Energy Technology Bhd is a provider of industrial automation and power systems with HQ in Malaysia. The funds raised by the company will be used to support several initiatives. Approximately 40%, or RM28 million, will go toward expanding the company’s fabrication facility, increasing storage capacity, and building a new research and development (R&D) center…

Indonesia plans to retire 3 GW of coal power annually and increase renewables to 65% of its energy mix by 2040. This target, announced during the G20 summit, is part of the country’s efforts to reduce carbon emissions and transition to cleaner energy. It also aligns with Indonesia’s net-zero emissions goal, which was recently brought forward to 2050 from 2060. The shift away from coal poses challenges, as coal has historically dominated Indonesia’s energy supply. The domestic coal price mandate has allowed the country’s state utility company, PLN, to rely heavily on coal for low-cost electricity. Transitioning to renewable energy…

Sungrow hosted the Southeast Asia Renewable Energy Summit at its headquarters last week. The event included companies from Southeast Asia to explore renewable energy solutions and discuss industry developments. The summit included presentations, technology showcases, site visits, and discussions about energy storage and hydrogen technologies. Present companies visited Battery Energy Storage System (BESS) manufacturing plant, and hydrogen energy facility. The showroom included Sungrow’s  innovations in renewable energy, including high-efficiency inverters, advanced BESS, and hydrogen energy solutions. These technologies are designed to support renewable energy adoption and ensure grid reliability. Energy storage systems store excess electricity from renewable sources, such as…

Geely Auto Group officially launched its new battery electric SUV, the GEELY EX5, in Hong Kong on December 5, 2024, during the International MotorXpo Hong Kong (IMXpo). The GEELY EX5 was introduced in China earlier this year in August under the name Galaxy E5. It is the first electric SUV in Geely’s Galaxy series, built on the Geely Galaxy Electric Architecture (GEA) platform. The vehicle is designed aimed at meeting demand for compact electric SUVs. The model gained a positive response amassing over 50,000 deliveries countrywide. The new EV is equipped “11-in-1 intelligent electric drive system.” This system combines components…

Copenhagen Infrastructure Partners (CIP) has entered into a corporate power purchase agreement for its  Fengmiao I Offshore Wind Farm. The agreement was signed with Sino American Silicon Products Inc. and its renewable energy unit Sustainable Energy Solution. The Fengmiao I Offshore Wind Farm is located 35 kilometers off the coast of Taichung City, Taiwan. The project will feature 33 wind turbines with a total capacity of 500 megawatts. The wind farm is expected to be completed by late 2027. Once operational, the Fengmiao I Offshore Wind Farm will supply green power to Taiwanese companies. The power purchase agreement is a…

The Asian Development Bank (ADB) and Muktagacha Solartech Energy Limited (MSEL) have entered into a financing agreement worth $24.3 million to construct a grid-connected solar photovoltaic (PV) power plant in Mymensingh, Bangladesh. The project aims to increase the share of renewable energy in the country’s power mix. According to the agreement, ADB will provide a loan of $15.5 million, while Leading Asia’s Private Infrastructure Fund 2 will provide an additional $8.8 million loan. ADB acted as the sole mandated lead arranger for the financing package. The financing will be used to build and operate a 20-megawatt grid-connected solar power plant.…

The US Commerce Department has announced a new round of tariffs on solar panel imports from four Southeast Asian countries. The tariffs are in response to complaints from American manufacturers that companies in these countries are selling solar panels at unfairly low prices. The tariffs will be imposed on solar panels from Malaysia, Cambodia, Vietnam, and Thailand. The Commerce Department calculated dumping duties of between 21.31% and 271.2% on solar cells from these countries. The duties will vary depending on the company. Jinko Solar, a Chinese company, will face duties of 21.31% for products made in Malaysia and 56.51% for…