Page 10 - AsiaElec Week 49

AsiaElec RENEWABLES AsiaElec
Investors join South Korea’s pioneering Saemangeum offshore complex
SOUTH KOREA
EUROPEAN and Asian investors and develop- ers are to join the South Korean government’s development of the Saemangeum Industrial Complex, which aims to develop 300 MW of off- shore wind and 2.7 GW of floating solar capacity.
Amsterdam Capital Partners (AMSCAP) andG8Subsea(G8)aretojointheSaemangeum Development and Investment Agency of Korea (SDIA) and local developer Saemangeum Off- shore Wind Power (SOWP) to build the project on the west coast of South Korea.
Plans for the area include 300 MW of offshore wind and up to 2.7 GW of floating photovoltaic (PV) in sea water. Building floating solar capac- ity in offshore waters, even if protected by a sea wall, is pioneering technology. Current floating solar installations tend to be constructed on inland lakes and waterways.
There is currently 1.3 GW of floating solar capacity worldwide, according to World Bank data. SOWP is already developing 100 MW of offshore wind capacity at the site.
G8 founder and managing director Gerald Tan said: “With an already proven track record in South Korean Offshore Windfarms, G8 aims to develop this as a leading platform in Asia to
accelerate the financing and construction of pro- jects in this region.
“Our Finance to Build programme to Sae- mangeum is a unique proposal that allows us to help developers accelerate the development towards earlier commission and profitability of theiroffshorewindprojects.”
SDIA is a central government agency of South Korea, which is responsible for the Saemangeum Project, a national development project estab- lished in 2013. It aims to develop a 409-square km area of land reclaimed from the sea that is protected by the world’s longest sea wall.
The South Korean government aims to turn Saemangeum into a free trade hub for North- East Asia.
AMSCAP founder Michael van der Hei- jden said: “SOWP has clearly paved the way for offshore wind in South Korea and we are very excited to contribute our structuring expertise and bring financial partners to the region to exe- cute this project and the further offshore wind plans.”
Amsterdam Capital Partners is a financial advisor specialised in offshore wind and is active in Vietnam, Taiwan and South Korea.™
TARIFFS
Hong Kong electricity bills to increase by up to 5.2%
Electricity bills in Hong Kong will increase by up to 5.2% from January 1, but the city’s two power companies say customers will not pay more because of subsidies.
Revealing the rises on Tuesday, HK Electric and CLP Power said some households would even see their charges reduced in 2020, with rebates and a HK$2,000 ($255) sweetener for households cancelling out the higher tariffs.
The increases were expected because the firms must cut their reliance on coal as part of the city’s effort to meet emissions targets.
Speaking at Tuesday’s Legislative Council economic development panel, Secretary
for the Environment Wong Kam-sing, said the firms were encouraged to minimise the burden on customers.
“In the Environment Bureau’s discussion with the two power companies, we asked them to come up with a gentle increase, as well as provide relief measures for different sectors, particularly for small and medium
NEWS IN BRIEF
businesses,” he said.
CLP Power, which serves Kowloon, the
New Territories and Lantau, will increase tariffs by ?2.5%, to HK$1.218 per kWh.
HK Electric, which supplies more than 570,000 users on Hong Kong Island and Lamma, will adjust its tariff to HK$1.264 per kWh, up by 5.2%.
CLP charged consumers HK$1.181 per kWh in 2019, while HK Electric charged HK$1.201 per kWh.
INVESTMENT
Philippines-Based AC
Energy launches $400mn
green bonds
AC Energy, the energy platform of Philippines-based Ayala Corporation, has launched its non-deferrable green bonds.
The aggregate principal amount is $400mn, with a fixed coupon of 5.6% for life. This marks the first-ever dollar-denominated fixed-
for-life green bond ever issued in the world, according to the company.
The bonds are set to be listed on the Singapore Exchange Limited (SGX-ST) and have been certified under the ASEAN green bonds standards set up by the Philippines Securities and Exchange Commission.
AC Energy is planning to use the funds for the expansion of renewable energy across the Asia Pacific region, which includes the Philippines, Indonesia, Vietnam, India, Myanmar, and Australia, among others.
Commenting on the latest move, CEO of AC Energy, Eric Francia, said, “We expect to add well over 1 GW of renewables capacity in 2020, and this fresh capital will further cement AC Energy’s commitment towards renewable energy and sustainability and will support
the company’s scaling up of renewable energy investments in the Asia Pacific.”
Out of the company’s total of 1.6 GW of attributable capacity, 600MWs come from renewable energy sources. The company is aiming at achieving 5 GWs of due renewable energy that would account for 50% of the total energy capacity by 2025.
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Week 49 11 •December•2019