Singapore's Athein forms JV with four Southeast Asian companies to develop renewable energy
Singapore's IPP platform company Athein has entered into a partnership with four Southeast Asian companies to develop renewable energy. The company formed a joint-venture to fund its pipeline of solar and wind power projects in Australia, India, Philippines and Vietnam. The company has set an ambitious target of generating $1billion in the next three years. It stated that there are 2 GWp of operating assets and projects under development at the moment. "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" Athein's Co-Founder and CEO Milan Koev, was quoted in a statement. Similarly, Dzung Nguyen, Co-Founder and Head of Vietnam for Athein, commented, "LCOE of renewables in the region is on average 46% lower than average end-user tariffs in 2022." It comes at a time when the Vietnamese government is speeding towards the first RE100 milestone in 2025. With this, the large multinational conglomerates are aiming to reach net zero targets, while new solar and wind additions are expected to reach over 1,000 GWp by next decade. According to the studies, “over the next 3 years a CAGR of over 120% for bilateral renewable power purchase agreements in Asia Pacific,” a report mentioned.