JAKARTA (RambuEnergy.com) – Singapore’s WEnergy Global Pte Ltd, ICMG Partners Pte Ltd and Greenway Grid Global (GGG) Pte Ltd, an investment company with Japan’s Tokyo Electric Power Company PowerGrid Inc (TEPCO-PG) as one of the major shareholders, have formed a Singapore-based investment entity of US$60 million.
This entity will finance and operate renewable energy projects in Southeast Asia, of which US$20 million has been made available for short term deployment, WEnergy said in a joint statement.
The newly formed company, CleanGrid Partners Pte Ltd, aims to build and manage a portfolio of electrification projects valued at about US$100 million within three to four years.
WEnergy Global, one of the principal shareholders of the new company, has already set the stage by being an initiator for a microgrid project in Palawan in the Philippines, to be part of this electrification plan.
CleanGrid Partners Pte Ltd has three equal shareholders:
● WEnergy Global Pte. Ltd, a Singapore headquartered company that has taken on several public and private sector clean electrification projects in the region.
● ICMG Partners Pte. Ltd., a global management consulting firm with operations in Singapore, Tokyo, Shanghai and Silicon Valley, focused on achieving sustainable growth through intellectual capital management including corporate leadership development, corporate innovation and new business creation; and
● Greenway Grid Global Pte Ltd., based in Singapore and with TEPCO PowerGrid Inc. as one its main shareholders, aims to promote happiness and green growth in communities through tangible investments in microgrid projects within the SEA region and utilize the fields for incubation business and human resource development.
Under the deal, CleanGrid Partners is a first for Greenway Grid Global, set up in 2018 as it will inject its technical know-how and research & development strengths into the new company which is solely focused on Southeast Asia.
WEnergy Global, set up in 2012, is a Singapore engineering and investment company largely focused on identifying, designing, building and operating renewable energy microgrids in Southeast Asia.
ICMG Partners aims to bring in new global corporate leaders and innovative technologies in order to enhance the electrification throughout Asia.
Several other projects in the Philippines, Indonesia and Myanmar are already in the pipeline. CleanGrid Partners is aiming at enabling a rapid replication of the Palawan project in several other places in Southeast Asia to meet the demand for off-grid and decentralised electrification.
In Singapore, the partners aim at engagements in smart micro-grids at industrial estate level.
Atem S. Ramsundersingh, CEO of WEnergy Global, said: “Much has been researched and documented by WEnergy Global about the lack of access to electricity in ASEAN. Having worked with financial institutions, multilateral agencies and national power companies, WEnergy Global knows that the problem of a lack of access to electricity remains a chronic problem in the region.”
The near-term solution that delivers on immediate on-the-ground benefits is to build, own and operate smart micro-grids for off-grid electrification, which most multilateral agencies, investment companies and mega power companies are reluctant to embark on.
“Our new partnership will combine WEnergy Global’s on-the-ground knowledge and pioneer’s experience in ASEAN with the best-of-breed smart technologies that the likes of TEPCO-PowerGrid already owns,” Ramsundersingh said.
Gen Funahashi, Director of ICMG Partners: “We believe that investors, development and commercial banks and technology manufacturers worldwide must address the challenge to electrify the one billion people on our planet who have no or little access to electricity – of which over 100 million people live in Southeast Asia.”
Shinichi Imai, TEPCO PowerGrid’s Managing Director of International Business Development Unit and Greenway Grid Global Chairman, said: “Collectively, the Group aims to contribute to achieving the Sustainable Development Goals (SDGs) and the targets set in the Paris Agreement for Climate Change through innovation.” (*)