UPDATED Facts & Figures - Sun-Connect-News...countries also hold 90% of the crude oil reserves....

Facts & FiguresSOLAR Energy SOUTHEAST ASIA

singaporeThailandPhilippinesMalaysia Myanmar IndonesiaVietnam

UPDATED

2018

UNLOCKING SOLAR CapitaL ASIA& FINANCIAL SUMMIT

1-2 NOVEMBER 2018 /// SINGAPORE

Facts & Figures SOLAR Energy

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Facts & Figures SOLAR Energy SOUTHEAST ASIA 2018

Table of Contents

Contact details - Solarplaza team

1. Introduction to EVENT and Whitepaper

2. Regional Overview

3. COUNTRY PROFILES

3.1 SINGAPORE

3.2 Thailand

3.3 philippines

3.4 malaysia

3.5 myanmar

3.6 INDONESIA

3.7 vietnam

general summary

sources & links

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Facts & Figures SOLAR Energy Facts & Figures SOLAR Energy SOUTHEAST ASIA 2018

Contact Details Solarplaza Team

Edoardo Pulvirenti Account [email protected]+31 10 302 7906+31 68 329 7865

Marco DorothalEditor [email protected] +31 10 302 7903

Disclaimer: This overview is provided by Solarplaza International BV (“Solarplaza”) as a service to its customers on an “as-is, as-available” basis for informational purposes only. Solarplaza assumes no responsibility for any errors or omissions in these materials. Solarplaza makes no commitment to update the information contained herein. This overview is protected by copyright laws, and may only be reproduced, republished, distributed, transmitted, displayed, broadcast or otherwise exploited in any manner only by accrediting Solarplaza as the source of it and providing a full hyperlink to https://asia.unlockingsolarcapital.com where it was originally published.

Shushan KhachatryanProject Manager:Unlocking Solar Capital Asia & Financial [email protected]+31 10 302 7909

Irene Rodríguez Martín Media [email protected]+31 10 302 7912


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1. Introduction to EVENT and White paper

Southeast Asia is quickly becoming one of the most promising regions in the global expansion of solar energy industry. The high levels of solar irradiation, growing energy demand and increasing level of commitment by governments in the region towards renewable energy generation are just some of the factors that have ignited a growing interest in the region from both local and international stakeholder.

The purpose of this report is to provide an overview of the most important facts and figures related to some of the key markets in Southeast Asia, serving as a prelude to the Unlocking Solar Capital Asia & Financial Summit conference that Solarplaza will be organizing on the 1st and 2nd of November in Singapore.

Solarplaza is proud to announce the second edition of Unlocking Solar Capital Asia - an industry-unique conference

dedicated to exploring the ways to unlock capital for solar development in Southeast Asia. This year, by joining forces with the Asia Clean Energy Summit, Solarplaza aims to bring together all investors, financiers, solar developers, IPPs, EPCs and other solar stakeholders to discuss bankable solar photovoltaic (PV) projects in Southeast Asia. This conference will serve as a hub for the key players in the region and will provide an ideal opportunity to form long-lasting business relationships with industry professionals.

The report will give an overview of a range of issues related to PV project development including: the demographic landscape; legislation and policies; electricity generation and capacity; and more. The following countries will be highlighted: Singapore, Thailand, Philippines, Malaysia, Myanmar, Indonesia and Vietnam.

https://asia.unlockingsolarcapital.com


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1-2 NOVEMBER 2018

Singapore

• 1000+ international finance and project development executives

• Regional focused approach: Covering all countries from Southeast Asia to Central Asia

• 30+ leading experts on stage sharing their vision, expertise and experience

• Guaranteed match-making through our customized software and interactive breaks

Register Now : https://asia.unlockingsolarcapital.com/registration

For program matters regarding the event and its content, get in touch with:

Shushan KhachatryanProject Manager Emerging Markets & [email protected]+31 10 3027909

Contact



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2. Regional Overview

The Southeast Asian region is one of the most diverse regions in the world, with more than 650 million inhabitants spread across 11 different countries. The region’s growing energy demand and high irradiation levels provide a very interesting opportunity for the solar PV industry. However, the region encompasses extremely diverse countries

Today, more than 75% of regional energy production comes from three primary resources, namely coal, oil and natural gas. Indonesia possesses 80% of the steam coal reserves, while Vietnam has most of the remaining reserves (18%).

with vast differences in their levels and patterns of energy consumption and production, as well as differing regulatoryframeworks and market dynamics. Furthermore, the rapid economic and demographic changes in the region present a range of opportunities and challenges for energy production and consumption.

Malaysia, Indonesia and Vietnam are home to vast amounts of natural gas reserves, possessing around 87% of the total regional reserves. Those three countries also hold 90% of the crude oil reserves.

Source: Based on PRB, 2017.

Populations of Southeast Asian countries, 2017

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According to IRENA’s 2017 report on Southeast Asia, Southeast Asia harbours particular potential for renewable energy generation, especially due to the dominant presence of hydro resources in the Greater Mekong subregion. It also has abundant solar, wind, geothermal and biomass energy resources across the region. One type of technology that has been making its mark across Southeast Asia and is looking to become a major market is floating solar. Singapore has been exploring the applications for floating solar by developing offshore installations on its reservoirs. The country announced in 2017 that it has plans to tender for 2 floating PV power plants totaling 2.5 MW. In Vietnam, Vasari Energy Inc. recently unveiled plans to develop

two floating solar plants, with a capacity of 40-50 MW, over the next two years. Indonesia is also planning on moving forward with floating solar, with plans to develop a 200 MW floating solar array set to be commissioned in 2020 and will be located on top of the Cirata Reservoir in the West Java province.Drastic cost reductions in renewable energy technologies and the multiple benefits associated with modern renewable energy applications have brought a lot of attention to the Southeast Asian region. The benefits from renewable energy applications include enhanced energy security, improved environmental quality and the creation of new job opportunities, as well as provision of cost-effective electrification options to the remote areas or islands.

Electricity generation by country in Southeast Asian, 1995-2015

Source: Based on IEA, 2017c.


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Source: Based on BNEF, 2017.Note: Based on power sector asset finance data for Indonesia, Malaysia, the Philippines, Singapore, Thailand and Viet Nam.

Source: BNEF, 2017.Note: Based on power sector asset finance data for Indonesia, Malaysia, the Philippines, Singapore, Thailand and Viet Nam.

Investment in renewable power by technology, 2006-16 (USD billion)

Investment in renewable energy in the power sector by country, 2006-16 (USD billion)

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3. COUNTRY PROFILES

3.1 Singapore

Country overviewSingapore is a sovereign city-state and island country in Southeast Asia consisting of one main island along with 62 other islets. The Singaporean economy is know as one of the most innovative and competitive economies in the world. Both the 2018 Index of Economic Freedom and Ease of Doing Business Index have ranked Singapore as one of the most business-friendly and easiest places to do business in the world for the past decade.

As a small, resource-constrained country, Singapore relies on imports for nearly all of its energy needs. The country is also faced with limited options when it comes to renewable energy generation. To deal

with its energy challenges, Singapore has plans to reduce energy consumption with 35% by 2030 (taking the 2005 levels as base point).

The country has also been implementing policies for more sustainable transport, such as fuel economy standards, fiscal incentives/tax exemptions for electric vehicles (EV) and a sustainable public transport strategy. On top of that, Singapore has been working towards developing expertise in distributed energy grids to better incorporate renewable energy sources, while still ensuring that the electricity grid remains stable.

Economic Figures

GDP $335,199,110,000.00

GDP per capita $59,729.00

GDP growth 4.5%

Inflation Rate - Consumer Prices 0.6%

Population 5,612,000

Credit rating (S&P / Moody’s) AAA/Aaa

Corruption Perception Index (CPI) 84

Ease of doing business index 2

Access to electricity 100%

Power consumption per capita 7,913 kWh


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Electricity Mix

Singapore’s total installed capacity per source (in mw)

Singapore’s total installed power generating capacity amounted to 13,348 MW in 2017. The country primarily relies on natural gas (95%), with small contributions of renewables (3%) and coal & petroleum (2%) for its electricity needs. Most of the country’s installed capacity is fossil fueled - 12,961 MW, with solar PV contributing 143 MW and bioenergy accounting for 128 MW. Since it has few natural resources of its own, most of the energy that Singapore produces has to be imported.

When it comes to renewables, the challenges are similar. Limited renewable energy options - specifically hydro, wind

and geothermal energy sources - have caused the country to explore more suitable and profitable sources of clean energy, like solar energy. However, solar energy development also has its challenges in Singapore, especially for such a densely populated country with limited availability of land for large scale solar projects. Intermittency, which is mainly caused by the presence of high cloud cover across the country and urban shading, has also been a challenge that Singapore is trying to tackle as it seeks to triple its solar capacity by 2020. By 2030, it is estimated that renewable energy could potentially cover up to 8% of singapore’s peak electricity demand.

Source: Energy Market Authority (EMA)

Fossil Fuels

Solar PV

Bioenergy

Other

12,961

143 128

Singapore's Total Installed Capacity per Source (in MW)

Fossil Fuels

Solar PV

Bioenergy

Other

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Current & Future Solar Projects

In 2017, Singapore had an installed capacity of 143 MW, which more than doubled since 2015. Most of this capacity comes from rooftop systems placed on top of commercial and residential buildings. One of the largest projects under construction is Sunseap’s 60 MW solar power project, which consists of hundreds of solar arrays on rooftops across the city-state, and is expected to come only by the end of 2018.

Besides the barriers Singapore is currently facing towards solar - such as land availability and population density - the country wants to take advantage of its high average annual solar irradiation of 1,580 kWh/m2 by aiming to increase solar deployment from the current 143 MW installed PV capacity, to around 350 MW by 2020.

The two main initiatives that Singapore has taken towards expanding its solar capacity include the Housing and Development Board’s (HDB) plan to install solar panels on rooftops of high-

rise public housing developments and the Economic Development Board’s (EDB) plan to pilot solar panel installations on water surfaces at Singapore’s reservoirs. Singapore is focusing on research and developments as well as test-bedding to improve the performance of solar systems, while developing innovative ways of integrating solar energy systems into its urban environment.

One of those projects is the world’s largest floating photovoltaics (PV) testbed at Tengeh Reservoir, run by the Solar Energy Research Institute of Singapore (SERIS), PUB and the Economic Development Board, who are planning to expand this test to other reservoirs in the next few years. According to Dr. Thomas Reindl, deputy chief executive of SERIS, floating solar technology holds the potential to increase energy capacity much quicker than rooftop projects. At the end of 2017, Singaporean authorities announced plans for tendering 56.7 MW of two floating solar PV plants at reservoirs around the country.


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3.2 thailand

Country overviewThailand is the second biggest economy in Southeast Asia and has the second largest amount of total installed power generating capacity, with its 43 GW. In 2010, the country saw its first significant installations of solar panels reaching around 50 MW of installed PV capacity by the end of the year. In 2017, the country reached a significant milestone, reaching a total of 2,697 MW of installed PV capacity, exceeding 60% of the total installed capacity in the ASEAN region, followed by the Philippines, Malaysia and Singapore.

The country is continuing its integrated energy blueprint (TIEB), consisting of a natural gas plan, oil plan, the Energy Efficiency Plan (EEP), the Alternative Energy Development Plan (AEDP) and the Power Development Plan (PDP) with the Smart Grid Plan (SGP) in response to the continous growth in energy demand and depletion of domestic reserves of energy resources in Thailand. According to the IRENA report, the country has the capabilities to increase its share of renewable energy from 12% in 2017, to 37% by 2036. Following that roadmap,

solar power alone would reach a total capacity of 17 GW in 2036, instead of the previously targeted 6 GW.

The government wants to introduce a new national Power Development Plan (PDP) at the end of 2018, to replace the 2014 version and to provide much needed clarification of the long-awaited new regulatory framework for the solar rooftop business-to-business (B2B) segment, which might fall below public expectations and public announcements made by the government just a few months ago.

Some have speculated that the government wants to discuss the possibility of a “solar freeze”, meaning that for the next five years solar energy will be acquired under grid-parity conditions only. The Thai solar energy market is the most advanced market in Southeast Asia, and is leading the region in a progression towards the merchant solar market, making it very interesting for players to be able to sell their energy on the spot market for prices that might be more attractive than FiT prices.

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Fossil Fuels

Bio

Hydro

Solar PV

Wind

Economic Figures

GDP $437,800,000,000.00


GDP growth 3.9%



Credit rating (S&P / Moody’s) BBB+/Baa1

Corruption Perception Index (CPI) 37%




Electricity Mix

THAILAND’s total installed capacity BY source (in mw)

Thailand has a total installed capacity base of 43 GW, most of which consists of fossil fuel energy sources, with more than 70% of combined-cycle and condensation thermal power derived from natural gas and coal, supplemented by around 17% of power from renewable energy sources. Currently, Thailand is facing a fossil fuel crisis, due to the country’s high dependence on fossil fuels to satisfy the

growing energy needs of its population. Energy demand is forecasted to rise by almost 80% in the next 20 years, which creates a challenging situation for a country that is mainly dependant on energy imports for a large part of its energy supply.

35,690

3,824

3,575

2,697

Thailand's Total Installed Capacity by Source (in MW)

Fossil Fuels

Bio

Hydro

Solar PV

Wind


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By the end of 2017, it had become clear that renewable energy is a realistic solution for Thailand’s constantly increasing energy consumption. Renewables accounted for more than 9 GW of installed capacity, with bioenergy taking up most of the capacity, amounting to around 3.8 GW. One of the clear examples that renewable energy is a solution for Thailand’s energy problems is the fact that installed capacity for wind power has nearly tripled since 2014, from 225 MW to 628 MW in 2017. Capacity for solar power has also increased greatly since 2014, doubling from 1299 MW to 2697 MW at the end of 2017. According to Eric Ho, director at Renewable Energie Singapore, one of the reasons for the country’s immense growth is the government’s plan to offer the highest FiT subsidies to solar energy

Thailand currently has around 2.7 GW of installed solar PV capacity. Its largest solar PV installation is the 128 MW EA Solar Lampang plant, located in the Lampang province, in northern Thailand. It is one of the biggest solar PV installations in the Southeast Asian region. The plant is owned by Energy Absolute Public

projects. Increasing the duration of the power purchase agreement (PPA) from 10 to 25 years also helped to boost the attractiveness of investments. Things are looking very bright for Thailand for the coming years, as the country aims to install 6 GW by 2036 in order to reach its overall target of 30% of renewables in the energy mix.Thailand’s government has planned to revise the Ministry of Energy’s Power Development Plan with the aim of improving energy security, the economy and specifically maintaining appropriate costs of power generation, as well as implementing energy efficiency and ecology measures, with a particular focus on reducing environmental and social impacts by lessening carbon dioxide intensity of power generation.

Company Limited (Bangkok, Thailand), a key player in the solar energy market in Thailand. Energy Absolute PLC has also appeared in our top 25 Southeast Asia plants, having developed 4 plants in the Nakornsawan, Phitsanulok and Nakhon Sawan Provinces.

Current & Future Solar Projects

https://asia.unlockingsolarcapital.com/news/2018/5/23/top-25-solar-plants-in-southeast-asia

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According to IRENA, Thailand has around 307 MW of solar projects that are in the process of being commissioned. One of those projects include B. Grimm Power’s 30 MW PV project, developed in partnership with the War Veterans Organization of Thailand (WVO) and agricultural co-operatives. However, building such projects comes with a large need for land, which has been a major issue for utility-scale projects in Thailand.Still, such a pipeline shows that there are several opportunities present in Thailand’s solar energy market for the coming years. One of those opportunities is the possibility for new public tender procedures to develop additional solar farms. It can be expected that these auctions will have a stricter bidding process with stricter requirements

regarding location, capacity, PPA conditions, and overall feasibility. It is also possible to develop solar projects without bidding by realizing solar energy projects outside of a formal public tender process and selling directly to a company or buyer. This type of corporate PPA scheme is set to become the standard in Thailand as the country approaches grid parity. Another opportunity in Thailand’s solar energy market is the development of solar rooftop investments. Under Thailand’s upcoming solar rooftop legislation, investors and developers are expected to be given the possibility to cooperate with commercial and industrial (C&I) rooftop owners to generate electricity and sell the surplus energy to the grid, as well as entering into PPAs with corporate offtakers.


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3.3 Philippines

Country overviewThe Philippines is an island nation comprised of more than 7,000 islands. Most of the country’s topography consists of mountainous terrains that are very susceptible to tropical storms, typhoons and earthquakes. Nonetheless, the country boasts an abundance of natural resources, and has an impressive tourism industry with more than 6 million tourists visiting the island nation every year. The increase in tourism, together with the fact that the country estimates that their population will double within thirty years, will cause some significant challenges for the energy sector.

According to the World Bank, the Philippines has an electrification rate of 91%, leaving around 2.2 million households without electricity. In its household Electrification Development Plan, the government had set a target of 100% electrification of unelectrified households in all three major island by the end of 2022 with the goal of ensuring “that every Filipino family shall have an equal opportunity to access basic electricity services”.

Economic Figures

GDP $313,420,000,000.00


GDP growth 6.7%



Credit rating (S&P / Moody’s) BBB/Baa2




Power consumption per capita 711 kWh

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Fossil Fuels

Hydro

Geothermal

Solar PV

Wind

Bioenergy

Electricity Mix

PHILIPPINES’s total installed capacity PER source (in mw)

The Philippines has a total installed power generating capacity of over 22 GW, with fossil fuels accounting for more than two thirds of the generation mix, consisting of 35.4% coal, 18.3% oil and 15.2% natural gas. According to the IRENA’s 2017 Renewable Energy Statistics Report, renewables account for more than 30% of the total installed power generating mix, comprising of 3.6 GW of hydro, 1.9 GW of geothermal energy, around 0.9

GW of solar, 0.4 GW of wind and 0.2 GW of Bioenergy. Since 2014, the government has added around 1.5 GW of renewable energy capacity, which consisted mostly of solar installations with 868 MW of solar added to the grid, followed by 287 MW of hydro, 280 MW of wind, 145 MW of geothermal, 79 MW of bioenergy.

15,649

3,627

1,916

885

Philippines' Total Installed Capacity per Source (in MW)

Fossil Fuels

Hydro

Geothermal

Solar PV

Wind

Bioenergy


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The main reason for the increase in renewable energy capacity is the country’s 2017-2040 energy plan, which also seeks to improve the country’s electricity grid in order to be able to cope with the additional 43 GW of energy demand that is estimated to be needed by 2040. The country’s grid plan is aimed at ensuring energy security; expanding energy

The Philippines has a current installed solar ePV capacity of 885 GW, most of which was installed over the last 3 years. Since 2014, solar PV grew more than 40 times due to the commissioning of large-scale solar plants, such as the 132.5 MW Cadiz Solar Power Plant, the 80MW Negros Island Solar Power Plant and the 63MW Calatagan Solar Plant. Besides the active plants, the country also has a vast pipeline of projects set to come online in the coming years.

Current & Future Solar ProjectS

access to achieve 100% electrification of unelectrified households in all three major islands by 2022; and connecting the Mindanao grid with the interconnected Visaya and Luzon grids by 2020 to increase power supply reliability and resilience. This also helps the Philippines to become less exposed to external risks and lower its dependency on foreign oil.

One of the key players leading the development of solar is Solar Philippines, which announced in April 2017 that it aims to develop around 500 MW of solar capacity in the Philippines over the coming years. The largest PV projects still to be commissioned include the 294MW Concepcion Tarlac 2 Solar Project in Tarlac province, the 196MW Maragondon-Naic 1 Solar Farm in Cavite and the 141 MW IBa-Palauig 2 Solar Project in Palauig, Zambales. Operations for these projects

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are expected to start between the end of 2018 and the beginning of 2020. According to Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo, energy produced by these projects will be sold through the Wholesale Electricity Spot Market (WESM) at competitive prices. In 2017, the Philippines solidified its interest solar energy by inaugurating the country’s first PV module factory, which is owned by Solar Philippines and will produce an annual output of 800 MW of solar panels in 2018, with future plans of ramping up production to 2 GW. The company aims to become the “largest non-Chinese solar panel manufacturer” in the world. SunAsia, a local Filipino energy company, has also expressed plans of developing

several solar facilities in the Philippines. The company wants to install a total capacity of 150 MW by 2019, most of which is set to be located in the Mindanao region.

Additionally, the government in the Philippines aims to increase the number of large-scale solar PV installations in the country, with the goal of reaching 3 GW of solar PV capacity by 2022. The government expects the cumulative solar installation to reach 8.7 GW by the end of 2030, with solar rooftops constituting 35% of the total installations. All of these initiatives are likely to further drive the growth of the Philippine solar energy market.


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3.4 Malaysia

Country overviewMalaysia is the third largest economy in Southeast Asia and plays a key political role in the region. The country is divided into two regions, Peninsular Malaysia and the island of Borneo, both divided by the South China Sea. Malaysia has traditionally always relied on oil production, due to the nation’s massive reserves, but recently has been diversifying into producing and exporting electronic goods.

Its growing population and expansion of economic activities, especially in the manufacturing sectors, have been main drivers affecting the increase in demand for energy supply. This was accelerated by the industrialization process that took place in the country over the past two decades. Malaysia’s final energy consumption had increased from 13 million toe (“Tonne of Oil Equivalent”) in 1990 to about 53 million toe in 2013, reflecting an annual average growth rate of 6.3%. As a result, the nation’s energy demand growth rates have been growing

higher than the GDP growth rates, which is expected to grow 5.4% over the course of 2018.

Such imbalances show the level of energy-intensive economic activities that are driving the growth as well as the need to promote efficient use of energy. Increasing energy efficiency would require sound energy efficiency policies supported by good strategies and implementable programs. Malaysia is determined to maintain its economic growth over the next decade. One of the ways that the Malaysian government has been trying to promote renewable energy development was by setting a target for 2050 to have 24% of all the electricity generated come from renewable energy sources. Malaysia is determined to maintain its economic growth over the next few years, but the growth in its energy consumption must be managed to ensure the productivity and competitiveness of its economy.

Economic Figures

GDP $314,000,000,000.00


GDP growth 5.9%



Credit rating (S&P / Moody’s) A-/A3





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Fossil Fuels

Hydro

Bioenergy

Solar PV

Electricity Mix

MALAYSIA’s total installed capacity BY source (in mw)

Malaysia has a mix of energy resources that consists mainly of natural gas, coal and renewable energies, such as hydro, bioenergy and solar PV. The country is dependent mainly on fossil fuels for its energy generation, largely due to its plentiful reserves of coal and natural gas. However, Malaysia’s geographical landscape causes significant differences between the energy situations in the country’s mainland (Peninsular) as compared to the energy situation in Sarawak and Sabah located on the island of Borneo. For example: Malaysia’s mainland grid is connected to the grids of Thailand and Singapore and offers energy access to all of the inhabitants of that region, while the grids in Sabah

and Sarawak are much smaller grids and do not cover all of their respective inhabited territories. Energy generated using fossil fuels comes primarily from thermal power plants and accounts for more than 75% of the total installed capacity. When it comes to renewable energy capacity, the largest share comes from hydropower, accounting for over 6.1 GW of the total installed capacity. Bioenergy and Solar PV take up the remaining capacity, with 846 MW and 362 MW of installed generating capacity, respectively.


26,492

6,144

Malaysia's Total Installed Capacity by Source (in MW)

Fossil Fuels

Hydro

Bioenergy

Solar PV


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Since 2014, the country’s installed solar PV capacity has grown by an average of around 30% each year, from 14 MW to 362 MW in 2017. The Malaysian government announced additional plans to reach a total installed solar PV capacity of 500 MW by 2020. So far, the growth was fueled by Malaysia’s FiT scheme (implemented in 2011) and by the country’s strong fiscal support for the solar market. However, it still needs to be seen how Malaysia will reach its 2020 target, as the annual added PV capacity has been slowing down since the boom in 2013.

Currently, Malaysia only has a few large-scale solar projects in operation, most of which were approved under the FiT scheme and large-scale solar (LSS) auctions in previous years, such as the 19 MW Kuala Lumpur Airport Solar Plant, which is the country’s largest operational solar PV project to date. The project was developed by SunEdison and owned by Malaysia Airports Holding Bhd. Other PV projects in operation include Eastern Pacific GD Solar’s 18.5 MW solar plant in Terengganu and IL Solar’s 10 MW solar PV plant in Kedah. Besides those active LSS projects, Malaysia also has an extensive pipeline of projects that still have to be commissioned. One of the biggest projects announced is a 61 MW solar farm that is being built by ET Energy in partnership with UiTM Solar Power. Another interesting project under development is a 49 MW floating solar

plant located in Pasir Mas, Kelantan, which will be developed by Tien Ching and is set to be the largest floating solar PV array in the world. Both of these projects are still in the early stages of development, but show that Malaysia really wants to invest in solar energy and will try to do so by using all of the resources that are present in the country.

In 2017, Malaysia organized a second large-scale solar auction, resulting in 562 MW of solar energy capacity being awarded. Most of these projects are expected to be commissioned by 2019 and 2020. The second auction round brought lower tariff prices compared to the first auction, giving solar the possibility to compete with some of the country’s thermal power plants.

Another factor that affected the auction is the fact that the Malaysian government capped the participation of foreign developers at 49% in order for the auction to be in line with Malaysia’s strategy to support the domestic market and players. Despite this requirement, the auction attracted more than 1.6 GW of submissions, with 506 MW being awarded to the Peninsular Malaysia region and 56 MW to the Sabah/Labuan region. The oversubscription of the tender clearly reflects the strong interest for solar present in Malaysia, especially with a pipeline of close to 1 GW of projects.

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3.5 Myanmar

Country overviewMyanmar, also known as Burma, is one of the smallest economies in the region and is located between China and India. Despite its size, the country is the largest natural gas exporter in the region, with over 90% of its output being exported to Thailand and China. The country has an abundance of oil, gas, coal, hydropower and renewable sources. A crucial driver for GDP growth has been the country’s largest export commodity, natural gas. Growing industrial demand, together with the vast infrastructure development, have lifted Myanmar towards being one of the most promising energy markets in the region.

Currently, Myanmar has 3,033 MW of installed hydropower capacity, out of an estimated potential of over 100,000 MW. In April 2017, the current government issued a statement saying that a further 6,270 MW of electricity will be generated by 20 new and upcoming hydropower projects. Until 2012, other types or renewables, such as solar PV, contributed only to a small degree to the electricity production. However, solar PV has been projected to have the potential to reach 5% of the total electricity production by 2030.

Economic Figures

GDP $66,540,000,000.00


GDP growth 6.7%








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Hydro

Natural Gas

Coal

Electricity Mix

MYANMAR’s total installed capacity PER source (in mw)

Myanmar has a total installed power generating capacity of around 5 GW, which is the lowest total installed capacity of all of the countries discussed in this report. However, Myanmar has the highest share of renewable energy in the overall mix compared to the other countries. It’s electricity mix consist mostly of hydropower, with around 3 GW of operating hydropower generation capacity. Besides that, Myanmar only produces energy from fossil fuels, namely natural gas (1.8 GW) and coal (120 MW). The country’s substantial gas, oil and coal reserves provide it with the resources it needs to be able to produce one thirds of its energy from domestically harvested fossil fuel sources. Most of the installed

capacity comes from on-grid sources, but there are some small hydro installations and diesel generated capacity that operate off-grid.

Non-hydro renewable sources are almost non-existent in the country. A large percentage of the Myanmar population still relies on traditional biomass for energy, such as firewood, coconut and bamboo. The government is looking into more efficient and healthier ways of developing biomass projects as well as using off-grid systems.

3,0331,823

Myanmar's Total Installed Capacity per Source (in MW)

Hydro

Natural Gas

Coal

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Most of Myanmar’s solar PV capacity comes from C&I and off-grid installations. The power infrastructure situation in Myanmar is not optimal for establishing large-scale projects. Only one-third of the population is connected to the grid, with most of the remaining inhabitants relying on off-grid systems for electricity. The Myanmarese government aspires to achieve universal electricity access by 2030, by working on extending the grid, preceded by electrification in rural areas to prepare for the arrival of the national grid; and establishing permanent mini-grid and off-grid connection in remote areas.

At the moment, there are only a handful of projects that have been announced, and an even smaller amount of them that are already under development.

One of the projects under construction is Green Earth Power’s 220 MW project in Myanmar’s Magway region, on which work has started for the first 50 MW phase of the project.

In May 2017, the country’s Ministry of Electricity and Energy reported that - at that time - there was a planned utility-scale PV project pipeline totaling 1.5 GW. The pipeline consisted of 5 projects ranging from 10 MW to 880 MW of capacity. Two of those projects will be developed in the Nay Pyi Taw region, while the other projects are envisioned for the Mandalay, Magway and Sagaing regions. This shows that the on-grid and off-grid solar markets in Myanmar are still growing, fueled by a vast untapped potential due to the country’s high solar irradiation levels.


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3.6 INDONESIA

Country overviewThinly spread across thousands of island chains, Indonesia is often labelled ‘the crown jewel of Southeast Asia’. It is a country with excellent conditions for solar PV, with daily solar irradiation averaging 4.80 kWh/m², which is comparable to that of Southern European countries such as Portugal and Greece. However, the estimated potential differ per region, which is partially a result of differences in resources across Indonesia, but mainly due to variations in the availability of land and rooftops.

According to the International Renewable Energy Agency (IRENA), the Indonesian government has planned to have renewable energy provide 23% of the total primary energy supply by 2025, with future plans of reaching 31% by 2050. The government wants to achieve this by adding an extra 3.6 GW of solar PV capacity by 2019, which is part of the government’s overall Electricity Supply Business Plan to reach a capacity of 6.4 GW of solar PV development by 2025. This plan is aimed at providing electricity to 1.1 million households that are currently not electrified.

Economic Figures

GDP $1,020,000,000,000.00


GDP growth 5.1%



Credit Rating (S&P / Moody’s) BBB-/Baa2



Access to electricity 97.6%


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Fossil Fuels

Hydro

Geothermal

Bioenergy

Other Renewables

Electricity Mix

INDONESIA’s total installed capacity PER source (in mw)

The current energy mix is mainly dominated by fossil fuels, which account for more than 53 GW of generation capacity, comprised of coal (55%), natural gas (26%) and oil (7%). Hydropower, contributing around 5.38 GW, is currently the largest source of renewable power in Indonesia, mainly due to the country’s abundance of rivers and natural resources. However, only 5.8% of the total hydro energy potential has been exploited so far, with governmental plans to scale up activity by, for example, adding around 3 GW of micro hydro plants by 2025. The country’s second largest renewable energy source, geothermal, accounts for around 1.9 GW of the total installed capacity. It’s trailed by bioenergy, with 1.7 GW, and other renewables, mostly solar and wind, with just 16 MW and 1 MW, respectively.

Until now, solar PV development has only been a minor part of the overall energy mix, contributing just 80 MW of generating capacity (16 MW on-grid and around 64 MW off-grid), which corresponds to around 0.15% of the total energy production. Most of the current solar development activity consists of stand-alone solar PV systems located in remote areas and some on-grid systems with a larger capacity. In an effort to accelerate solar energy development, PLN has made commitments to over 700 MW worth of solar capacity through memorandums of understanding (MoU), in order to develop utility-scale solar PV systems.

53,806

5,382

Indonesia's Total Installed Capacity per Source (in MW)

Fossil Fuels

Hydro

Geothermal

Bioenergy

Other Renewables


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Currently, the largest active solar power plant in Indonesia has a capacity of 5 MW and is located in Kupang, East Nusa Tenggara. Other projects worth mentioning include the power plants in Bali and Gorontalo, which both have a capacity of 2 MW. These projects involve Indonesia’s state-owned oil and natural gas corporation Pertamina, as well as private sector developers such as Savills and Quantum Energy Indonesia. A plan for a 507 kW rooftop project has also been announced and will be installed on top of a new mall in Jakarta.

Besides those active projects, Indonesia’s renewable energy development is picking up with the help of companies such as Akuo Energy, a French IPP with a subsidiary in Bali, which signed a MOU with PLN to build a 500 MW hybrid project across small to medium islands, of which 250 MW will be solar PV installations. This project will be completed using small and isolated electricity systems. In June 2018, Akuo Energy inaugurated Indonesia’s first three solar+storage mini-grids, with

a combined PV capacity of 1.2 MW, to enable uninterrupted, off-grid electricity access for three remote villages in the isolated Berau district of East Kalimantan.

At the beginning of 2017, PLN signed PPAs to buy electricity from 6 new solar PV plants under development, consisting of four 5 MW plants, one 10 MW plant and one 15 MW plant. The Asian Development Bank (ADB) has also been playing a role in solar development in Indonesia, for instance by providing financing to develop a 21 MW PV plant located in North Sulawesi together with Vena Energy, which is set to be Indonesia’s first utility-scale solar PV plant. Another big player interested in the market, Akuo Energy, has plans to install 250 MW of solar PV capacity on small to medium islands in Indonesia. Most of these plants are expected to be commissioned in 2018 and 2019, however detailed information on CODs, precise project locations and plant values are still to be disclosed.

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3.7 VIETNAM

Country overviewVietnam is the third largest country in Southeast Asia and is one of the most efficient power markets in the region, mainly driven by low-cost resources such as hydro and coal. The country has achieved almost 99% electrification, but with energy demand projected to increase by more than 10 percent annually in the next five years, and required capacity set to double, the country’s government will need to move forward with developing renewable energy sources to ensure energy security and addressing the growing power demand.

When it comes to solar energy, Vietnam is considered to be a country with very good conditions for solar PV development.

The average solar radiation amounts to 5 kWh/m2 which is comparable to that of Spain and Italy. The regulatory environment also provides a fertile breeding ground for solar projects. Vietnam’s National Master Plan VII clearly outlines the need for increasing electrification and does so by emphasizing the importance of renewable energy sources. With the announcements of the new PPA-structure in October 2017, solar projects are eligible for several incentives aimed at making investments more attractive, in order to increase attention to the country’s solar energy market from foreign investors.

Economic Figures

GDP $220,410,000,000.00


GDP growth 6.8%



Credit Rating (S&P / Moody’s) BB-/B1






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Fossil Fuels

Hydro

Other Renewables

Electricity Mix

VIETNAM’s total installed capacity PER source (in mw)

The total installed capacity of Vietnam amounted to 43.65 GW by the end of 2016. Vietnam’s electricity mix is primarily composed of 23 GW of fossil fuels (54%) and 19 GW of hydropower (44.3%). Other renewables, such as biomass, wind and solar, only contribute with 0.5 GW of installed capacity (1.25%). Vietnam’s current capacity expansion targets aim to increase the capacity of non-hydro renewable energy capacity from 0.5 GW to 4.3 GW by 2020. The country’s deepening appetite for electricity has led the government to set an official solar energy target of 800 MW by 2020. Some have called that a highly ambitious target, while others, such as Bikesh Ogra (CEO of Sterling and Wilson’s renewable energy and storage division) believe that the current solar power potential in Vietnam could enable the country to reach 7 GW of PV capacity by that date, only if the Vietnamese government and developers keep on working together to improve operations and negotiations.

The country’s revised Power Development Plan aims to increase the share of renewables, while simultaneously promoting new coal and natural gas facilities, to support a growing industrial sector and the increasing electricity demand, which is expected to increase 9% annually from 2015 to 2030. According to the Ministry of Industry and Trade, the country’s hydropower potential is nearly completely exploited. On the other hand, wind, solar and biomass expansion potential are high and have remained relatively untapped. Despite the potential for renewable energy applications in the country, so far it has only focused on developing small-scale installations.

23,76019,340

Vietnam's Total Installed Capacity per Source (in MW)

Fossil Fuels

Hydro

Other renewables

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In 2017, Vietnam’s solar energy capacity amounted to around 8 MW, comprised mostly of C&I and rooftop projects below 1 megawatt. Currently, the country’s solar energy landscape looks very calm, but is quickly picking up to become one of the leading markets in Southeast Asia for the coming years. This was exemplified by the announcement in June 2018 that the biggest solar power plant in Southeast Asia will be located in Tay Ninh, southwest Vietnam, with commercial operations set to take place in June 2019. B. Grimm, Thailand’s leading industrial conglomerate will work together with Xuan Cau Co. Ltd to develop this massive 420 MW solar project, consisting of two plants, Dau Tieng 1 and Dau Tieng 2, with a total investment of USD 400 million.

According to research conducted by PV Magazine, Vietnam currently has a construction pipeline of more than 500 MW of projects. One of the largest plants

under construction is a 168 MW solar PV plant developed through a partnership between Sunseap international, InfraCo Asia Development and CMX Renewable Energy Canada. All of the companies are working together to invest USD 150 million to develop what will be Vietnam’s largest solar project to date. The plant will be located in Vietnam’s Ninh Thuan province and is expected to come online in June 2019.

Other remarkable projects under construction include: a 49.5 MW solar plant in Quang Binh province partially owned by Hanwha Q Cells; a 30 MW solar project located in Ninh Thuan and owned by BIM group and AVC energy; and a 13 MW solar project in An Gian Province by Pacific Energy Network Vietnam. If everything goes according to plan, these projects are scheduled to start producing power by the end of 2018.


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4. General Summary

Over the course of the past few years, Southeast Asia’s great solar potential is starting to deliver on its large promise, with some countries experiencing faster growth than others. In total, around 411 MW of solar PV capacity was developed in 2017. This was, however, significantly lower than the new installations added in 2016, when more than 1.8 GW of solar capacity was inaugurated. The surge in cheap fossil fuel energy has been one of the factors that was found to be affecting the amount of new renewable energy projects. Fossil fuel reserves also play a big role in the energy mix of the region, but the threat of depletion is something that most countries are starting to find inevitable to circumvent.

In 2017, Thailand was the leading country when it came to new PV installations, with 251 MW of new PV capacity added. The Philippines came in second with 120 MW of new PV capacity, followed by Malaysia with 22 MW and Singapore with 17 MW. In order to scale up investments, to reach the regional target of 23% primary energy from renewable energy by 2025, efforts to accelerate private investments and address macroeconomic, regulatory and financing-related barriers are required. These efforts include improving access to capital at the local level, mitigating investment risks and improving project readiness and attractiveness.

total installed PV capacity IN SOUTHEAST ASIA BY COUNTRY (in mw)

2.702

885

362

143 25 16 8

2.451

765

340

126 25 16 7

-

500

1.000

1.500

2.000

2.500

3.000

Thailand Philippines Malaysia Singapore Myanmar Indonesia Vietnam

Total Installed PV Capacity in Southeast Asia by Country (in MW)

Solar PV Capacity 2017

Solar PV Capacity 2016

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Singapore has ambitious solar targets for the coming years, most of which will have to be reached with the use rooftops and floating solar arrays, as the country has the least amount of land available compared to the other countries in the region.

Thailand, the leader in solar PV capacity in the region, has recently been experiencing a winding down of its co-operative utility-scale program, while the Philippines has PPAs of all forms still pending at the regulator’s office to be approved.

Malaysia’s solar energy market is maturing with its LSS auction program, and have fostered the attention and interest for a third round of its LSS auctions.

Myanmar is currently facing grid-related challenges, but has shown quite some potential for off-grid with its pipeline of around 1.5 GW in PV capacity.

Indonesia is also making its way towards renewables by recently installing hundreds of micro-grids to electrify the inhabitants of its remote islands.

Vietnam implemented its new FiT schemes for solar and wind, which have resulted in a multi-Gigawatt pipeline of projects under construction.

The region has experienced a slight decrease in returns, due to the steady rise of competitive auctions and the large number of international developers, which has also been driving prices down, as well as revenues. Land rights remain the major issue for solar development in the region, however, some factors might be able to surpass those barriers. One of those factors is the emergence of corporate PPAs, which are becoming more common in the market and are expected to rise while large-scale solar installations are slowing down. Another factor is floating solar, which has been hyped to be able to remove the land constraint issue of solar installations, especially since the region has an abundance of water bodies due to its large number of hydro dams, thermal power ponds and man-made reservoirs. Experts have speculated that the capacities tendered so far have been very small compared to the size and population of the countries involved. Ultimately, the large-scale PV progress is still limited and it will be very interesting to see whether the stagnation will change or further affect the market in the coming years. Still, all in all, the market is set to pick up speed again after the slump of 2017, with an impressive pipeline of projects set to materialize over the course of 2018 and 2019.


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Sources & Links

Regional Overview

- Renewable Capacity Statistics 2018http://www.irena.org/publications/2018/Mar/Renewable-Capacity-Statistics-2018- Renewable Energy Market Analysis Southeast Asiahttp://www.irena.org/publications/2018/Jan/Renewable-Energy-Market-Analysis-Southeast-Asia- Renewable Policy Updatehttps://www.iea.org/media/pams/REDRenewablePolicyUpdateNo1720180111.pdf- World Economic Outlook (April 2018)http://www.imf.org/external/datamapper/datasets/WEO

Floating solaR

- Floating solar power system eyed in Laguna de Bayhttp://business.inquirer.net/252295/floating-solar-power-system-eyed-laguna-de-bay- TNB research shows Peninsular Malaysia has huge floating PV potentialhttps://renewablesnow.com/news/tnb-research-shows-peninsular-malaysia-has-huge-floating-pv-potential-479178/- Kerala startup to build floating solar plants in Malaysiahttps://timesofindia.indiatimes.com/city/kozhikode/kerala-startup-to-build-floating-solar-plants-in-malaysia/articleshow/57996325.cms- Vasari plans 200 MW of land-based and floating solar in Vietnamhttps://renewablesnow.com/news/vasari-plans-200-mw-of-land-based-and-floating-solar-in-vietnam-598664/

COUNTRY PROFILES

Singapore

- Sembcorp secures 50MW solar project in Singaporehttps://www.compelo.com/energy/news/sembcorp-secures-50mw-solar-project-in-singapore/- Sembcorp acquired 40 MW rooftop solar power project in Singaporehttps://www.photon.info/en/news/sembcorp-acquired-40-mw-rooftop-solar-power-project-singapore?utm_source=newsletter&utm_medi-um=email&utm_campaign=PHOTON%20Newsletter%20-%20International%20edition%20from%20June%2020%2C%202018&newslet-ter=PHOTON%20Newsletter%20-%20International%20edition%20from%20June%2020%2C%202018- National Accounts Singaporehttps://www.singstat.gov.sg/find-data/search-by-theme/economy/national-accounts/latest-data- Renewable Energy Overview - Singaporehttps://www.ema.gov.sg/Renewable_Energy_Overview.aspx- Singapore’s Approach to Alternative Energyhttps://www.nccs.gov.sg/climate-change-and-singapore/national-circumstances/singapore’s-approach-to-alternative-energy- ‘Energy islands’ among new solar energy projects launchedhttps://www.straitstimes.com/singapore/energy-islands-among-new-solar-energy-projects-launched- The future for Singapore’s energy burns bright https://home.kpmg.com/sg/en/home/media/press-contributions/2017/11/the-future-for-singapore-energy-burns-bright.html- Solar energy from S’pore to power Microsofthttps://www.straitstimes.com/business/companies-markets/solar-energy-from-spore-to-power-microsoft- S&P keeps Singapore rating at AAA, says probability of downgrade ‘remote’https://www.cnbc.com/2017/04/12/sp-keeps-singapore-rating-at-aaa-says-probability-of-downgrade-remote.html- Singapore Energy Statisticshttps://www.ema.gov.sg/cmsmedia/Publications_and_Statistics/Publications/SES17/Publication_Singapore_Energy_Statistics_2017.pdf- Singapore Energy Efficiency Goalshttp://aperc.ieej.or.jp/file/2017/11/17/17_SIN.pdf- Singapore Energy Statistics 2017https://www.siew.sg/newsroom/articles/detail/2017/08/11/singapore-energy-statistics-2017- Energy Transformation Singaporehttps://www.ema.gov.sg/cmsmedia/Publications_and_Statistics/Publications/ses/2017/energy-transformation/index.html- Singapore issues first tender for floating PV projectshttps://www.pv-magazine.com/2018/04/30/singapore-issues-first-tender-for-floating-pv-projects/

Thailand

- Seven opportunities in Thailand’s Solar Energyhttps://pugnatorius.com/solar-energy-update-2018/- Renewable Energy Outlook Thailandhttps://www.irena.org/-/media/Files/IRENA/Agency/Publication/2017/Nov/IRENA_Outlook_Thailand_2017.pdf

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- Solar rooftop potential in Thailand https://theaseanpost.com/article/solar-rooftop-potential-thailand- East and Southeast Asia - Thailandhttps://www.cia.gov/library/Publications/the-world-factbook/geos/th.html- Thailand’s Power Development Plan: 2018 Update Expected to Focus on Renewable Energy https://www.lexology.com/library/detail.aspx?g=31ebcb0b-ed60-4126-8592-3ed7f9f4cae8- BRIEF-S&P Says Ratings On Thailand Affirmed At ‘BBB+/A-2’ And ‘A-/A-2; Outlook Stablehttps://www.reuters.com/article/brief-sp-says-ratings-on-thailand-affirm/brief-sp-says-ratings-on-thailand-affirmed-at-bbb-a-2-and-a-a-2-outlook-stable-idUSFWN1OF0BO- B.Grimm signs PPAs for 30MW of solar projects in Thailandhttps://www.pv-tech.org/news/b.grimm-signs-ppas-for-30mw-of-solar-projects-in-thailand- Rating: Thailand Credit Ratinghttps://countryeconomy.com/ratings/thailand- Thailand Expected to Post 4.1% Growth in 2018 - Best Economic Performance Since 2012http://www.worldbank.org/en/news/press-release/2018/04/09/thailand-expected-to-post-41-growth-in-2018-best-economic-performance-since-2012- GDP up 4.0% in Q4 of 2017 https://www.bangkokpost.com/news/general/1414543/gdp-up-4-0-in-q4-of-2017

philippines

- Philippine Energy Plan 2017-2040 https://www.doe.gov.ph/sites/default/files/pdf/announcements/acd_15_phil_energy_plan_2017-2040.pdf- Southeast Asia Energy Outlook - 2017https://www.iea.org/publications/freepublications/publication/WEO2017SpecialReport_SoutheastAsiaEnergyOutlook.pdf- Summary of Installed Capacity, Dependable Capacity, Power Generation and Consumptionhttps://www.doe.gov.ph/sites/default/files/pdf/energy_statistics/01_2017_power_statistics_as_of_30_april_2018_summary_05092018.pdf- BP statistical review of world energy 2017https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review-2017/bp-statistical-review-of-world-energy-2017-full-report.pdf- Philippine Solar Energy Market - Growth, Trends and Forecast (2018 - 2023) https://www.mordorintelligence.com/industry-reports/philippines-solar-energy-market- 8 solar projects worth P86B get BOI perkshttp://business.inquirer.net/247597/8-solar-projects-worth-p86b-get-boi-perks- BOI Approves 8 Solar Projects Worth P86 B of One Company https://www.doe.gov.ph/energist/boi-approves-8-solar-projects-worth-p86-b-one-company- Solar Power Industry in the Philippineshttps://www.aseanbriefing.com/news/2017/06/27/solar-power-industry-philippines.html- Solar Philippines to build 1 GW by 2018https://www.pv-magazine.com/2017/07/21/solar-philippines-to-build-1-gw-by-2018/- Accelerating renewable mini-grid deployment: A study on the Philippineshttp://www.irena.org/publications/2017/Oct/Accelerating-renewable-minigrid-deployment-in-the-Philippines- Philippine GDP grows by 6.7% in 2017https://www.rappler.com/business/194294-gross-domestic-product-philippines-q4-2017-economic-growth- Philippines Country Report http://www.eria.org/RPR_FY2015_No.5_Chapter_14.pdf- PH power consumption up nearly 4% last yearhttp://www.manilatimes.net/ph-power-consumption-up-nearly-4-last-year/391431/

Malaysia

- Malaysia rating stable for next 2 years, concern over govt guarantee build-uphttps://www.nst.com.my/business/2017/12/311404/malaysia-rating-stable-next-2-years-concern-over-govt-guarantee-build- Statistical Data on Energy, Green Technology and Waterhttp://www.kettha.gov.my/portal/document/files/Penerbitan/Buku%20Poket%20Data%20KeTTHA%20170118.pdf- World Bank raises Malaysia GDP 2018 forecast to 5.4pchttps://www.nst.com.my/business/2018/04/356345/world-bank-raises-malaysia-gdp-2018-forecast-54pc- Malaysia awards 563MW of solar in second LSS auctionhttps://www.pv-tech.org/news/malaysia-announces-winners-of-second-lss-solar-auction- TNB wins 30MW solar project in Malaysiahttps://www.pv-tech.org/news/tnb-wins-30mw-solar-project-in-malaysia- Pöyry wins contract for 29 MW Malaysian PV projecthttps://www.pv-magazine.com/2018/01/11/poyry-wins-contract-for-29-mw-malaysian-pv-project/- BayWa r.e. wins 5MW project in Malaysia solar auction first roundhttps://www.pv-tech.org/news/baywa-r.e.-wins-5mw-project-in-malaysia-solar-auction-first-round- Another 30 MW awarded in Malaysian solar auctionhttps://www.pv-magazine.com/2017/12/05/another-30-mw-awarded-in-malaysian-solar-auction/- KLIA installs RM200mil solar power systemhttps://www.thestar.com.my/business/business-news/2014/01/28/country-first-rm200mil-airport-solar-power-system-launched/


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- Announcement of Shortlisted Bidderhttp://www.st.gov.my/images/article/industry/2017/LSS/Announcement_of_Shortlisted_Bidder_For_The_Development_LSSPV_Plants_2019-2020_061217.pdf- Malaysia awards 1,228MW projects https://www.thestar.com.my/business/business-news/2018/04/11/malaysia-awards-1228mw-projects/- Construction of TNB’s large scale solar project to start next monthhttps://www.nst.com.my/business/2017/06/245654/construction-tnbs-large-scale-solar-project-start-next-month- Malaysia awards 563MW of solar in second LSS auctionhttps://www.pv-tech.org/news/malaysia-announces-winners-of-second-lss-solar-auction- TNB signs PPAs for 180MW of solar projects in Malaysiahttps://www.pv-tech.org/news/tnb-signs-ppas-for-180mw-of-solar-projects-in-malaysia- ET Energy to build 61MW solar project for UiTM in Malaysiahttps://www.pv-tech.org/news/et-energy-to-build-61mw-solar-project-for-uitm-in-malaysia- Scatec Solar closes financing for 197 MW in Malaysia https://www.scatecsolar.com/Investor/Stock-exchange-notices/Scatec-Solar-closes-financing-for-197-MW-in-Malaysia- ET Energy to build 61 MWp solar project in Malaysiahttps://www.pv-magazine.com/2017/11/16/et-energy-to-build-61-mwp-solar-project-in-malaysia/- Six firms to generate 180 MW solar power in four states for TNBhttps://www.thestar.com.my/business/business-news/2018/03/28/tnb-in-solar-power-deals/- Evaluating the Performance of the Sustainable Energy Development Authority (SEDA) and Renewable Energy Policy in Malaysia https://penanginstitute.org/wp-content/uploads/2018/06/Evaluating-the-Performance-of-SEDA-and-RE-Policy-in-Malaysia_PI_Dar-shan_5-June-2018.pdf- Malaysia Solar Photovoltaic Market Outlook 2017/2018http://www.snec.org.cn/Download.aspx?dir=SNEC2017-Presentation+Slides%5C12-Industry+Workshop+on+Global+PV+Market&-file=12-K.+K.+Kong.pdf- Tien Ching, UMILE to invest in 49 MW floating PV in Malaysiahttps://www.pv-magazine.com/2017/03/30/tien-ching-umile-to-invest-in-49-mw-floating-pv-in-malaysia/- Solar Photovoltaic (Large) Project Development in Malaysiahttp://re-guidelines.info/uploads/tech_files/RE%20Guidelines%20on%20Solar%20PV%20Large%20Malaysia_Sept%202016.pdf

Indonesia

- Indonesia inaugurates its first three solar plus storage mini-gridshttps://www.pv-magazine.com/2018/06/14/indonesia-inaugurates-its-first-three-solar-plus-storage-mini-grids/- ADB finances its first utility-scale PV plant in $160 million dealhttps://www.pv-magazine.com/2018/05/24/adb-finances-its-first-utility-scale-pv-plant-in-160-million-deal/- Loans Worth $40 Million Will Spur First Utility-Scale Solar for Indonesiahttps://www.renewableenergyworld.com/articles/2018/05/loans-worth-40-million-will-spur-first-utility-scale-solar-for-indonesia.html?c-mpid=enl_rew_solar_energy_news_2018-06-02&pwhid=817908c6cff9b027dd379dba9cd95fe8d5c821620f36a63e73d59c60160a8c6b-75884f8a85c6a605bb51807da109437f2430280086578c4d85bbf1da8b4140c8&eid=402281478&bid=2123900- Indonesia may achieve renewables target, but still favors coal for powerhttps://news.mongabay.com/2018/03/indonesia-may-achieve-renewables-target-but-still-favors-coal-for-power/- Investing in Hydro and Solar Power in Indonesiahttps://emerhub.com/indonesia/investing-hydro-solar-power-indonesia/- Indonesia’s energy market 2016https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review-2017/bp-statistical-review-of-world-ener-gy-2017-indonesia-insights.pdf- Indonesia’s energy market 2017https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review/bp-stats-review-2018-indonesia-insights.pdf- BP Statistical Review 2018https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review/bp-stats-review-2018-full-report.pdf- Power in Indonesiahttps://www.pwc.com/id/en/energy-utilities-mining/assets/power/power-guide-2017.pdf- Renewable Energy Prospects: Indonesiahttp://www.irena.org/-/media/Files/IRENA/Agency/Publication/2017/Mar/IRENA_REmap_Indonesia_report_2017.pdf- Indonesia Energy Outlook 2016https://www.esdm.go.id/assets/media/content/content-indonesia-energy-outlook-2016-versi-inggris-my33nxb.pdf- 2017 Handbook of Energy & Economic Statistics of Indonesiahttps://www.esdm.go.id/assets/media/content/content-handbook-of-energy-economic-statistics-of-indonesia-2016-lvekpnc.pdf- 2016 Handbook of Energy & Economic Statistics of Indonesiahttps://www.esdm.go.id/assets/media/content/content-handbook-of-energy-economic-statistics-of-indonesia-2017-.pdf

Myanmar

- Energy security concerns rising for South-east Asia: IEA https://ie.enterprisesg.gov.sg/Venture-Overseas/Browse-By-Market/Asia-Pacific/Myanmar/News/mc/News/2017/10/Energy-security-con-cerns-rising-for-South-east-Asia--IEA- Citi and StanChart set to advise Myanmar on first credit rating https://www.reuters.com/article/us-myanmar-rating/citi-and-stanchart-set-to-advise-myanmar-on-first-credit-rating-idUSKCN0P-R01U20150717

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Disclaimer: This overview is provided by Solarplaza International BV (“Solarplaza”) as a service to its customers on an “as-is, as-available” basis for informational purposes only. Solarplaza assumes no responsibility for any errors or omissions in these materials. Solarplaza makes no commitment to update the information contained herein. This overview is protected by copyright laws, and may only be reproduced, republished, distributed, transmitted, displayed, broadcast or otherwise exploited in any manner only by accrediting Solarplaza as the source of it and providing a full hyperlink to https://asia.unlockingsolarcapital.com where it was originally published.

- Myanmar Global Climatescope 2017http://global-climatescope.org/en/country/myanmar/#/enabling-framework- Energy Guide 2018https://www.ccifrance-myanmar.org/sites/ccifrance-myanmar.org/files/resources-documents/energy_guide_2018.pdf- Current Status Of Myanmar’s Energy Statisticshttps://unstats.un.org/unsd/energy/meetings/2017a/7.3.pdf- MYANMAR - Energy Sector Assessment, Strategy and Roadmaphttps://www.adb.org/sites/default/files/institutional-document/218286/mya-energy-sector-assessment.pdf- Promoting Rural Electrification in Myanmar https://www.giz.de/en/worldwide/42922.html- The weekend read: Myanmar’s solar lifelinehttps://www.pv-magazine.com/2018/01/20/the-weekend-read-myanmars-solar-lifeline/- Work on 220 MW Myanmar PV project underwayhttps://www.pv-magazine.com/2017/11/21/work-on-220-mw-myanmar-pv-project-underway/- Myanmar National Electrification Project http://documents.worldbank.org/curated/en/208731501056225232/pdf/ITM00267-P152936-07-26-2017-1501056221641.pdf- Off-Grid Solar in Myanmar – Vast Opportunities in a Challenging Markethttps://www.gogla.org/about-us/blogs/off-grid-solar-in-myanmar-vast-opportunities-in-a-challenging-market- Promoting Rural Electrification in Myanmarhttps://www.giz.de/en/worldwide/42922.html- Accelerating Rural Electrification in Myanmarhttps://www.rockefellerfoundation.org/blog/accelerating-rural-electrification-myanmar/- Myanmar to double electricity capacity by 2021 to fill power shortageshttps://www.reuters.com/article/myanmar-electricity/myanmar-to-double-electricity-capacity-by-2021-to-fill-power-shortages-idUSL4N-1PQ2UM

Vietnam

- Vietnam Solar Deal Transaction Outlook - Movement in Vietnam’s PV Market with 6 PPAs Signedhttps://www.linkedin.com/pulse/vietnam-solar-deal-transcation-outlook-movement-vietnams-wendy-xia/- Renewables in Vietnam: Current Opportunities and Future Outlookhttp://www.vietnam-briefing.com/news/vietnams-push-for-renewable-energy.html/- Is Pumped Storage hydroelectric Power Right for Vietnam?http://documents.worldbank.org/curated/en/565671508913149200/pdf/120674-BRI-PUBLIC-24-10-2017-14-23-31-LWLJOKR.pdf- Univergy to develop 44.4MW solar project in Vietnamhttps://www.pv-tech.org/news/univergy-to-develop-44.4mw-solar-project-in-vietnam- Moody’s and S&P affirms Vietnam’s sovereign ratinghttp://english.vietnamnet.vn/fms/business/177609/moody-s-and-s-p-affirms-vietnam-s-sovereign-rating.html- Sunseap begins construction of 168MW Vietnam solar projecthttps://www.pv-tech.org/news/sunseap-begins-construction-of-168mw-vietnam-solar-project- Two large-scale Vietnam solar projects underway from PEN-VN and Conergyhttps://www.pv-tech.org/news/pen-vn-starts-constructing-13mw-solar-project-in-vietnam- Vietnam Energy Outlook Report 2017https://ens.dk/sites/ens.dk/files/Globalcooperation/Official_docs/Vietnam/vietnam-energy-outlook-report-2017-eng.pdf- Vietnam- Climatescopehttp://global-climatescope.org/en/country/vietnam/#/enabling-framework- Sterling and Wilson to develop 300 MW of solar in Vietnamhttps://www.pv-magazine.com/2018/04/10/sterling-and-wilson-to-develop-300-mw-of-solar-in-vietnam/- Sterling and Wilson plans to build 300MW of solar projects in Vietnamhttps://www.pv-tech.org/news/sterling-and-wilson-plans-to-build-300mw-of-solar-projects-in-vietnam- Sunseap to partner with InfraCo Asia to develop 168 MW solar plant in Vietnamhttps://www.pv-magazine.com/2018/02/14/sunseap-to-partner-with-infraco-asia-to-develop-168-mw-solar-plant-in-vietnam/- JGC to build 49MW solar project in Vietnam for TTC Grouphttps://www.pv-tech.org/news/jgc-to-build-49mw-solar-project-in-vietnam-for-ttc-group- Thailand’s Gulf Energy plans 48MW Vietnam solar project with TTChttps://www.pv-tech.org/news/thailands-gulf-energy-plans-48mw-vietnam-solar-project-with-ttc- Sunseap JV gets green light for 168MW solar project in Vietnamhttps://www.pv-tech.org/news/sunseap-jv-gets-green-light-for-168mw-solar-project-in-vietnam

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