Page 13 - AsiaElec Week 12 2023

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Australia’s first offshore Renewables marks CIP’s second CI NMF relationships across the renewables value
The partnership between CIP and Viviid
chain in Asia, said Brightnight.
wind auction in 2025 I partnership in the Indian renewable portfolio of 23 GW across the US and
BrightNight is developing a global
energy market, reflecting India’s continuing
Australia’s first offshore wind auction importance as a key focus area for the fund, Asia-Pacific, including India, Australia, the
will be held in 2025 in the state of Victoria, said CIP. Philippines and Bangladesh.
according to Renew Economy Australia. CIP manages 10 funds and has raised
The auction will be for at least 2 GW. approximately €19bn ($20.2bn) to date from
The timing is to make sure that the more than 140 international institutional $692mn ADB loan secured
wind farms are built before the state closes investors for investments in renewable energy
its final coal-powered plants. and associated infrastructure. It is the world’s to finance SE Asia’s largest
Victoria’s government is planning to largest dedicated fund manager for greenfield
issue contracts for difference (CfD) for renewable energy investments and a global wind farm
the winners, as are used for the UK’s and leader in offshore wind.
other European countries’ offshore wind Impact Electrons Siam, a Thailand-based
projects. renewable energy company, has secured
CfD is a long-term contract between BrightNight, ACEN to a $692mn loan agreement with the Asian
an electricity generator and a state- Development Bank (ADB) to finance the
owned company. The contract enables accelerate 1.2-GW Monsoon wind power project in Laos, according
the generator to stabilise its revenues at a to media reports.
pre-agreed level – the ‘strike price – for the renewables portfolio in The project, which will be the largest wind
duration of the CfD. power farm in Southeast Asia and the first in
Victoria is also proposing to make sure India Laos, will be constructed, owned and operated by
that adequate transmission is available for Monsoon Wind Power Company, and will consist
two 2.5-GW connection points through the BrightNight has formed a partnership of 133 turbines. It will be sited in Laos’ Xekong
state-owned Vicgrid, said the news outlet, with ACEN Renewables International and Attapeu provinces.
and that it and the ports are prepared to and ACEN International to accelerate the Monsoon will sell electricity to Vietnam
accommodate large wind turbines of up to development, construction and operation Electricity (EVN) under a 25-year power
18 MW each. Initially wind turbines would of BrightNight’s 1.2-GW, multi-technology purchase agreement (PPA).
have to be imported. renewable power portfolio in India. Other shareholders include ACEN
The Port of Hastings is set to be US-based BrightNight and ACEN will Renewables International, STP&I Public Co. and
Australia’s first assembly port for offshore partner to develop and build differentiated SMP Group.
wind. Victoria has a goal of at least 2 GW hybrid wind-solar projects, with a The project will be co-financed by ADB, Asia
of offshore wind by 2032, 4 GW by 2035 calibrated use of energy storage. The plants Infrastructure Investment Bank (AIIB), Japan
and 9 GW by 2040. will serve central and state utilities as well International Corporation Agency (JICA), the
as commercial and industrial offtakers, Export-Import Bank of Thailand (Thai EXIM),
said Brightnight. Sumitomo Mitsui Banking Corporation (SMBC),
CIP, Viviid to co-develop 1.8 to deploy $250mn of equity plus related Hong Kong Mortgage Corporation (HKMC),
The newly formed partnership aims
Kasikornbank and Siam Commercial Bank.
GW of renewables in India performance guarantees. to decarbonisation and green growth, generate
The project will provide a significant boost
ACEN has established a significant
Copenhagen Infrastructure Partners presence in the Philippines, Australia, revenue for the Lao government, and create jobs
(CIP) has formed a partnership with Viviid Vietnam, Indonesia and India, with for local people.
Renewables, an Indian developer, to create around 4 GW of renewable capacity. The Its community development programme will
more than 1.8 GW of greenfield renewable company intends to become the largest reportedly improve local living standards through
energy projects in India. listed renewables platform in Southeast health, education and economic schemes, said reports.
CIP’s Copenhagen Infrastructure New Asia, with a goal of attaining 20 GW in Monsoon will also help diversify Laos’
Markets Fund I (CI NMF I) will lead the renewables capacity by 2030. main source of renewable energy generation –
partnership, which will focus on onshore wind ACEN’s investment will provide for hydropower – which is mainly generated during
projects. an accelerated buildout of BrightNight’s the wet season, said reports.
The partnership will begin with two onshore existing development pipeline of 1.2-GW “Developing economies in Asia and the
wind projects with a combined capacity of hybrid and ‘around the clock’ projects in Pacific face shortfalls in climate investments that
more than 500 MW, with future projects India. are needed to clear a pathway to green growth,”
expected to be constructed through successor “[ACEN] have demonstrated success said Suzanne Gaboury, director-general of ADB’s
CI NMF funds. in scaling and operating large fleets private sector operations department.
Viviid will provide the projects from its of renewable assets through strategic “The syndication of development and
pipeline and will also offer key development partnerships across the region., and we commercial financing for this project bridges this
activities up to the final investment decision have a shared vision on delivering what gap by mobilising private capital to develop wind
(FID) as well as providing design, engineering, the India market requires: dispatchable, resources which are translated into clean power
procurement and construction services. reliable and affordable clean power,” said generation that can spur economic and social
CIP will take charge of off-take sourcing, BrightNight CEO Martin Hermann. advancement in the region,” she said.
general procurement activities and financing With the partnership, BrightNight will Additionally, the developer plans to add an
while utilising Viviid’s local experience, it said. have the additional resources to fund its additional 1-GW power generating plant nearby
The partnership aims to support India’s India build-out and long-term growth in the existing Monsoon wind site, which has the
ambitious goal of installing 500 GW of a fast-growing market. ACEN has has a potential to offset over 50mn tonnes of carbon
renewable energy capacity by 2030. deep network of suppliers and industry dioxide during its lifetime.

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