Business executive Frank Phuan departs from EDP Renewables APAC to take leadership role in new venture.
Equator Renewables Asia: A New Venture Focused on Regional Renewable Energy Solutions
Equator Renewables Asia (ERA), a spin-off company from EDP Renewables APAC, has been formed with a focus on innovation in renewable energy, particularly solar power, across Southeast Asia. The company was created as part of a strategic realignment by EDP Renewables to develop long-term value in the region with cross-border renewable energy projects, particularly between Indonesia and Singapore.
ERA took over EDP Renewables' Indonesia-Singapore cross-border project and is now exploring additional regional opportunities in countries including Cambodia, China, Japan, Malaysia, Taiwan, Thailand, Vietnam, Australia, and the Philippines.
The founding team of Equator Renewables Asia comprises experienced energy professionals with significant regional expertise. Frank Phuan, who left his position in EDP Renewables APAC to helm this new venture, serves as the founder and leader. Phuan was also a co-founder of Sunseap, a major renewable energy platform in Asia. While the identities of other founding team members have not been publicly disclosed, they are described as experienced professionals in the energy sector with deep regional knowledge.
ERA's core mission is to deliver reliable, low-carbon electricity by leveraging the region's solar potential and enhancing cross-border energy collaboration between Singapore and Indonesia. The company's focus includes developing utility-scale solar farms, integrating solar with battery storage systems for consistent power supply, and advancing cross-border electricity transmission projects using subsea and overhead lines to export low-carbon electricity. These efforts directly support regional energy security and integration, aligning with Singapore's targets to import clean energy from neighboring countries.
In March, Equator Renewables Asia was incorporated, and the decision to appoint Frank Phuan as the leader aligns with EDP's sharpened business strategy, which emphasizes capital discipline and prioritization of projects that meet the company's risk-return and capital allocation frameworks. The newly incorporated firm has already pledged to invest US$22 billion in Indonesia's Green Economy Corridor in the Riau Islands. This investment is being made alongside other power developers Keppel, Vanda RE, and Gurin Energy.
The Green Economy Corridor plan involves the construction of large-scale solar power plants in Batam, Bintan, and Tanjung Pinang to supply clean energy to Singapore. The Indonesia-Singapore cross-border project will be subsumed under Equator Renewables Asia as part of business focus realignment. It is a transformative opportunity for Singapore's energy future, but its evolving development profile calls for a more agile and specialized platform to unlock its full potential.
Equator Renewables Asia has already established projects in Cambodia, China, Japan, Malaysia, Taiwan, Thailand, Vietnam, and is developing projects in Australia and the Philippines, apart from Indonesia. The company became "fully independent" from the parent company since its incorporation.
Frank Phuan stepped down from EDP Renewables' regional management team to lead this new venture spun off from the world's fourth-largest clean energy provider. EDP Renewables APAC does not hold any equity stake in Equator Renewables Asia. The company also has a presence in Indonesia, South Korea, Malaysia, and Vietnam, apart from its focus on mature markets. In 2023, EDP Renewables APAC was one of the five companies awarded a conditional approval by the Singapore government to import clean power from Indonesia. The Indonesian president's 77 national strategic projects include the construction of these solar power plants.
As ERA moves forward, it is poised to make significant contributions to the region's renewable energy landscape, leveraging its experienced team and focus on cross-border and regional projects. The company's mission to deliver reliable, low-carbon electricity aligns with the growing global push for sustainable energy solutions.
- Equator Renewables Asia (ERA), a new venture focused on regional renewable energy solutions, aims to deliver reliable, low-carbon electricity, leveraging the region's solar potential and enhancing cross-border energy collaboration.
- The company's core mission includes developing utility-scale solar farms, integrating solar with battery storage systems for consistent power supply, and advancing cross-border electricity transmission projects, aligning with Singapore's targets to import clean energy from neighboring countries.
- In line with EDP's business strategy emphasizing capital discipline, Equator Renewables Asia recently pledged to invest US$22 billion in Indonesia's Green Economy Corridor, a joint endeavor with other power developers.
- The transition to renewable energy is a key aspect of the United Nations' Sustainable Development Goals (SDGs), and Equator Renewables Asia's focus on clean energy solutions can contribute to the global push for sustainable energy solutions, reducing carbon emissions in the industry and fostering energy security and integration within the region.
