Vietnam is now the fastest-growing solar photovoltaic (PV) market in Southeast Asia, overtaking the Philippines but thanks partly to investments made by the Ayala group’s AC Energy and its local partners, according to SolarPlaza. The Rotterdam-based consultancy said in a report that Southeast Asia was quickly becoming one of the most promising regions in the global expansion of the solar energy industry.
Thai energy conglomerate PTT Pcl is boosting investments in electricity generation, particularly renewables, given what it says is a “highly uncertain” outlook for oil over the next year. The country’s biggest company, which is involved in everything from oil exploration and power generation to gasoline and coffee retailing, revised its 2019 capital spending plan in late June, Chief Executive Officer Chansin Treenuchagron said in an email interview.
To realize the regional goal of generating 23% of energy from renewables within six years, quality data and analyses are needed to support investment decisions made by member states of the Association of Southeast Asian Nations (ASEAN). One such piece of analysis has used a new mapping application to visualize the costs of developing solar and wind projects in the region.
Clearway Energy Group, one of the U.S.’s largest clean power developers, is launching a pilot electronic marketplace for renewable energy credits as more states push for solar and wind projects. The company has partnered with Power Ledger, which develops blockchain-enabled energy trading software, to build a system to both track and trade so-called RECs.
A new study reveals just how stunningly rapid the clean energy transition is. Bloomberg New Energy Finance reported that renewables are now the cheapest form of new electricity generation across two thirds of the world — cheaper than both new coal and new natural gas power. Yet just five years ago, renewables were the cheapest source of new power in only 1% of the world.
ADB and USAID recently signed an agreement to mobilize about $7 billion worth of investment for energy projects in Asia and the Pacific. USAID Asia Bureau Acting Assistant Administrator Gloria Steele said with the targeted investment, the agencies hope to increase the capacity of deployed energy systems by six gigawatts, and increase regional energy trade by 10% over the next five years.
Vietnam has constructed ASEAN’s largest solar farm with a combined generation capacity of 677 MW. Mrs. Preeyanart Soontornwata, president of Thailand’s B.Grimm Power, said the projects started to commercially sell electricity in June. “It is a successful startup, right on time and heralds a new era for the renewal energy scene in Vietnam while also representing a new significant revenue stream for BGRIM,” she said.
Thailand has announced it will develop its power transmission lines to become the electricity hub of the region, sourcing hydropower from Laos and selling it to Malaysia, Cambodia and Myanmar. The idea is part of energy plans that ASEAN energy ministers will discuss in their meeting in September to guarantee cheap electricity for people in Southeast Asia.