Singapore Renewable Energy JV Platform 'athein' Set to Raise $1bn for Solar And Wind

Singapore's IPP platform company 'athein', established recently as a Joint-Venture partnership between four Southeast Asian companies, sets an ambitious target to raise $1bn in the next three years to fund its pipeline of solar and wind power in Australia, India, Philippines and Vietnam, currently standing at 2 GWp of operating assets and projects under development.

"We live through the Golden Age of renewables. Despite the fading subsidies for clean energy, despite the current economic turmoil - the inflation rates, the volatile currencies, the supply chain and logistics bottlenecks, 2023 will be another record year for capital deployment in green power" commented athein's Co-Founder and CEO - Milan Koev.

With the high inflation rates, the first victim is usually the very basic utility –  electricity. In 2023, in key economies in Asia Pacific, the YoY increase of electricity cost is about 25%. LNG prices are 2.5 times higher than in 2019, coal prices have quadrupled.

Edmund Yen, Co-Founder and CCO of athein added, "With the latest announcement of EVN in Vietnam, raising the retail prices with nearly 20%, the wholesale market prices of Philippines and parts of Australia, reaching monthly average levels of 8 PHP per kWh and 0.20 AUD respectively, and the upward trends in India, we are headed towards a power crisis. A crisis in which businesses and households are desperate for alternatives."

"As a result, LCOE of renewables in the region is on average 46% lower than average end-user tariffs in 2022," concluded Dzung Nguyen, Co-Founder and Head of Vietnam for athein.