WEnergy Global, the proponent of the Sabang Renewable Energy Corporation (SREC) in Barangay Cabayugan in Puerto Princesa City, announced its stake recently in the US$60 million Southeast Asia investment portfolio that focuses on renewable energy projects.
CleanGrid Partners Pte. Ltd. (CleanGrid), a newly-formed Singapore-based company, aims to build and manage 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 initiating a microgrid project in Palawan to be part of the electrification plan.
Japan’s Tokyo Electric Power Company PowerGrid, Inc. (TEPCO-PG) is one of the major shareholders of the CleanGrid along ICMG Partners Pte. Ltd. (ICMGPPL) and Greenway Grid Global (GGG) Pte. Ltd. and WEnergy Global Pte. Ltd.
This entity will finance and operate renewable energy projects in Southeast Asia with US$20 million that will be made available for short-term deployment.
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 decentralized electrification. In Singapore, the partners aim at engagements in smart micro-grids at industrial estate level.
Atem S. Ramsundersingh, chief executive officer of WEnergy Global, said they have already researched and documented a lot about the lack of access to electricity in the countries that comprise the Association of South East Asian Nations (ASEAN).
Having worked with financial institutions, multilateral agencies and national power companies, WEnergy Global knows that the problem of 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.
Shinichi Imai, TEPCO PowerGrid’s managing director of International Business Development Unit and Greenway Grid Global Chairman, said that their group aims to contribute to achieving the U.N. Sustainable Development Goals (SDGs) and the targets set in the Paris Agreement for Climate Change through innovation.
Yoshinori Kaneko, president of TEPCO PowerGrid, said: “Utilizing the technology and knowledge gained in the transmission and distribution sector in Japan, we promote investment in smart power infrastructure that brings vitality to the global community for green growth.”
Gen Funahashi, director of ICMG Partners, said meanwhile, “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.”
ICMG Partners Pte. Ltd., is 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.
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.
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.
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.