Singapore Renewable Energy JV Platform "athein" Set To Raise US$1 Billion For Solar And Wind

Singapore’s IPP platform company athein, has set an ambitious target to raise US$1 Billion in the next three years to fund its pipeline of solar and wind power in Australia, India, Philippines and Vietnam, currently standing at 2 GWp of operating assets and projects under development.

Athein is a Joint-Venture partnership between ATAD Steel Structure Corporation, Hexagon Holdings, Inpos and Invenic. The platform company is committed to help its multinational manufacturing customers to achieve their net zero targets and plans to operate 1 GWp of renewable assets by 2026 and 5 GWp by 2030.

With the high inflation rates, the first victim is usually the very basic utility, electricity. In 2023, in key economies in Asia Pacific, the YoY increase of electricity cost is about 25%. LNG prices are 2.5 times higher than in 2019, coal prices have quadrupled.

Edmund Yen, Co-Founder and CCO of athein said, “With the latest announcement of EVN in Vietnam, raising the retail prices with nearly 20%, the wholesale market prices of Philippines and parts of Australia, reaching monthly average levels of 8 PHP per kWh and 0.20 AUD respectively, and the upward trends in India, we are headed towards a power crisis. A crisis in which businesses and households are desperate for alternatives.”

“As a result, LCOE of renewables in the region is on average 46% lower than average end-user tariffs in 2022,” concluded Dzung Nguyen, Co-Founder and Head of Vietnam for athein.

“We live through the golden age of renewables. Despite the fading subsidies for clean energy, despite the current economic turmoil – the inflation rates, the volatile currencies, the supply chain and logistics bottlenecks, 2023 will be another record year for capital deployment in green power,” added athein’s Co-Founder and CEO Milan Koev.

Wood Mackenzie estimates over the next 3 years a CAGR of over 120% for bilateral renewable power purchase agreements in Asia Pacific. This translates into 56 GWp worth of PPAs.

Coupled with the increased renewable targets of Asian governments from COP26, set to on average 62% by 2035, in the next decade, new solar and wind additions are expected to reach over 1,000 GWp.

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