Business executive Frank Phuan departs from EDP Renewables APAC to lead a new company.
In an exciting development for Singapore's energy sector, a new company named Equator Renewables Asia is set to unlock the full potential of a cross-border project that promises to be a transformative opportunity for the city-state's energy future.
The plan involves the construction of large-scale solar power plants in Batam, Bintan, and Tanjung Pinang, Indonesia, to supply clean energy to Singapore. This ambitious project is part of the Indonesian President's 77 national strategic projects, specifically the Green Economy Corridor in the Riau Islands.
Equator Renewables Asia, which emerged as a spin-off focused on cross-border renewable energy projects, has pledged to invest a significant sum of US$22 billion in Indonesia's Green Economy Corridor. The company, incorporated recently, is also looking at regional opportunities in countries like Cambodia, China, Japan, Malaysia, Taiwan, Thailand, Vietnam, Australia, and the Philippines.
The company's founder, Frank Phuan, who left EDP Renewables APAC to lead the new venture, is the only named founding member currently known. Phuan, who was named EDP Renewables' Asia Pacific business chief executive in 2022, will be leading a spin-off entity from EDP Renewables' cross-border renewable energy initiative.
The rest of the founding team remains undisclosed but is characterized as experienced regional energy professionals with a strong background in the industry. Phuan himself is known for co-founding Sunseap, a major Asia renewable energy platform.
The company emphasizes utility-scale solar farms, energy storage integration, and cross-border electricity transmission. Equator Renewables Asia's target for Singapore is to procure 6 gigawatts (GW) of low-carbon electricity from the surrounding region by 2035.
EDP Renewables APAC, Phuan's previous employer, does not hold any equity stake in Equator Renewables Asia. The investment aligns with EDP Renewables' sharpened business strategy, which emphasizes capital discipline and projects that meet the company's risk-return and capital allocation frameworks.
Phuan has stepped down from EDP Renewables' regional management team to focus on Equator Renewables Asia. It's worth noting that EDP Renewables APAC recently made job cuts in its Asia Pacific headquarters in Singapore, amid a pivot to more mature regional markets such as Australia, Japan, and Taiwan.
As Equator Renewables Asia moves forward, it will be interesting to see how this new venture shapes Singapore's energy landscape and contributes to the city-state's goals of a sustainable and low-carbon future.
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- The carbon footprint of Singapore's energy sector might see a dramatic reduction with Equator Renewables Asia's ambitious plan to build renewable energy facilities in Indonesia, supplying clean energy to the city-state.
- As part of the United Nation's Sustainable Development Goals (SDGs), Equator Renewables Asia's investment in renewable energy projects in various Asian countries, such as Cambodia, Japan, and Thailand, aligns with the global push for clean energy and energy transition.
- Frank Phuan, a passionate advocate for sports and clean energy, aims to leverage Equator Renewables Asia's investments in renewable energy projects to contribute to the city-state's goals of a sustainable and low-carbon future, thus improving the overall quality of life for its inhabitants and encouraging sports and recreational activities in a healthier environment.
