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Eversheds partners with International Finance Corporation to host a series of workshops on Southeast Asia’s renewable future

  • Asia
  • Singapore
  • United Kingdom

    15-07-2016

    The workshops, which took place in June, highlighted the region’s private sector investment potential, security and diversification needs in Asia and were in partnership with IFC, a member of the World Bank Group.

    Over 150 people attended the knowledge sharing events in Singapore and London which provided energy stakeholders with a vision of increased electrification rates and diversified energy sources.

    Eversheds was alongside strategic partners Savills, Wind Prospect, IRENA and Ernst and Young, in the workshops held by IFC to address power supply gaps, energy security and diversification to serve regional needs and meet COP21 commitments for mitigating climate change.

    Currently, the region’s access to electricity varies widely by country and power source. Myanmar has one of the lowest electrification rates in the region at 35%. For greater domestic supply, the country is exploring hydro, solar and wind energy generation, in addition to fossil fuels.

    Cambodia’s energy access is currently 55% with government targets of full electrification by 2020. With some of the highest energy prices in the region, the country hopes more renewable energy development will increase the access to electricity and help drive prices down.

    Thailand has 100% electrification. While the country has reached full access, energy security is a priority as it needs gas imports for its energy needs. Other nations like Lao PDR and Indonesia are exploring renewables suitable for their landscapes.

    Michelle T Davies, partner at Eversheds, says:

    “We are seeing an increasing focus from our clients on South East Asia. The region presents some interesting opportunities but it is not without some quite specific challenges.

    “The main purpose of our event was to bring developers, investors, funders and governments together to help provide an expert analysis of which markets present growth opportunities at scale. Looking at time periods with a focus on the current obstacles to growth and a realistic assessment of how these can be understood and removed or managed was also important.”

    Hemant Mandal, IFC’s Senior Energy Specialist, East Asia Pacific, says:

    “In South East Asia, countries are at different levels of development in terms of renewables. There is lots of interest from investors, developers and stakeholders to enter and engage in this market.”

    “Opportunities are on the rise for scalable and bankable projects as prices plunge within the renewable energy market. As an example, a solar deal in India had approximate capital costs of $4 million per megawatt five years ago. Today, solar market prices for a country like India are $1 million per MW.”

    “IFC’s focus within the region is on assisting International Development Association (IDA) countries to help end extreme poverty and boost shared prosperity. In East Asia Pacific alone, there are 15 IDA countries including Myanmar, Cambodia and Lao PDR.”

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    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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