Businessman Frank Phuan departs from EDP Renewables APAC to lead a new enterprise
In a significant move for the renewable energy sector, Equator Renewables Asia, a newly independent venture led by industry veteran Frank Phuan, has been established. The company, which was spun off from EDP Renewables, has pledged to invest a substantial $22 billion in Indonesia's Green Economy Corridor in the Riau Islands.
Phuan, who previously served as the business chief and executive director of cross-border strategic ventures at EDP Renewables APAC, will be leading this new endeavour. However, the identities of the other founding members of Equator Renewables Asia remain unspecified in the public domain as of the latest reports.
The Green Economy Corridor project involves the construction of large-scale solar power plants in Batam, Bintan, and Tanjung Pinang to supply clean energy to Singapore. This project is one of the Indonesian president's 77 national strategic projects and is expected to contribute significantly to the region's renewable energy goals.
Equator Renewables Asia was incorporated in March and has become fully independent from EDP Renewables APAC. Notably, EDP Renewables APAC does not hold any equity stake in Equator Renewables Asia.
The Indonesia-Singapore cross-border project of EDP Renewables APAC will be subsumed under Equator Renewables Asia. 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.
Phuan has a proven track record in the renewable energy sector. He co-founded Sunseap, a Singapore solar firm, which was acquired by EDP Renewables in 2022. He has also stepped down from EDP Renewables' regional management team to focus on Equator Renewables Asia.
Equator Renewables Asia is not limiting its ambitions to Indonesia. The company is exploring additional regional opportunities, including projects in Cambodia, China, Japan, Malaysia, Taiwan, Thailand, Vietnam, Australia, and the Philippines.
The Singapore government has set a target to procure 6 gigawatts (GW) of low-carbon electricity from the surrounding region by 2035. This ambitious goal underscores the growing importance of renewable energy in the region and the potential for companies like Equator Renewables Asia to play a significant role in meeting this demand.
Recently, EDP Renewables APAC has made job cuts in its Asia Pacific headquarters in Singapore, amid a shift towards more mature regional markets such as Australia, Japan, and Taiwan. Despite this, the renewable energy sector in the region continues to show promise, with companies like Equator Renewables Asia leading the charge towards a greener future.
- Frank Phuan, Ex-EDP Renewables APAC Chief, to Lead Equator Renewables Asia
- EDP Renewables APAC to Exit Indonesia-Singapore Cross-Border Project
- Equator Renewables Asia: A New Independent Venture in Renewable Energy
- Equator Renewables Asia to Invest $22 Billion in Indonesia's Green Economy Corridor
- Equator Renewables Asia Aims to Expand to Multiple Asian Markets, beyond Indonesia
