Page 13 - AsiaElec Week 29 2021

AsiaElec NEWS IN BRIEF AsiaElec

both oil and cleaner forms of energy.
Indian Oil Corporation (IOC) has drawn
a strategic growth path that aims to maintain
focus on its core refining and fuel marketing
businesses while making bigger inroads
into petrochemicals, hydrogen and electric
mobility over the next 10 years, its chairman
Shrikant Madhav Vaidya said.
The company will not set captive
power plants at all its future refinery and
petrochemical expansion projects and instead
use the 250 MW of electricity it produces
capacity to triple to 1,500 Pacific markets in solar PV capacity from renewable sources like solar power, he
While not as aggressive as other Asia
told in an interview.
GW by 2030 expansion, Australia can expect 23 GW of Rajasthan. We intend to wheel that power to
“We have a wind power project in
solar PV additions this decade. The country’s
Asia Pacific solar PV capacity could triple to state level renewables target and green our Mathura refinery and use that electricity
1,500 GW by 2030, said Wood Mackenzie. hydrogen potential could drive its solar PV to produce absolutely green hydrogen through
China will remain leader in the region and penetration in power generation to over 20% electrolysis,” he said.
globally, adding 619 GW of solar PV capacity by 2030, making it the highest in the region. This will be the nation’s first green
over this decade to 2030. The country’s strong “Policies are evolving to overcome hydrogen unit. Previously, projects have been
policy push and ambitious solar targets mean market barriers, enabling Asia Pacific’s solar announced to produce ‘grey hydrogen’ using
it will contribute over 60% of Asia Pacific’s generation share to grow from 4% in 2020 to fossil fuels such as natural gas.
solar PV capacity by 2030. 10% in 2030,” commented Zhang. Hydrogen is the latest buzz for meeting the
Runner-up India is expected to add 138 Wood Mackenzie expects Indonesia to world’s energy needs. Hydrogen, in itself, is
GW by 2030 after rebounding from an become the fastest growing solar PV market a clean fuel but manufacturing it is energy-
installation decline due to the coronavirus in Asia Pacific over this decade. Growing from intensive and has carbon byproducts.
pandemic in 2020-21. As a result, the country a low base of 0.3 GW, the country’s solar PV Brown hydrogen is created through coal
is not expected to meet its 100 GW by 2022 capacity could expand over 28-fold to 8.5 GW gasification while the process of producing
target. While solar tenders have been rolled by 2030. grey hydrogen throws off carbon waste. Blue
out consistently, the Indian market sees low The Asian Development Bank’s $600mn hydrogen uses carbon capture and storage for
completion rates. loan in 2020 to help Indonesia’s state-owned the greenhouse gases produced in the creation
Japan and South Korea will follow as third power company PLN expand electricity access of grey hydrogen.
and fourth to install 63 GW and 58 GW, and promote renewable energy in eastern
respectively, in the next 10 years. However, Indonesia, lower distributed solar fees, market
high costs have caused a slowdown in new reforms, and renewables targets are expected
additions in Japan, while South Korea shows to drive the country’s solar PV capacity WIND
the opposite trend. Still, Japan continues to growth.
have one of the highest solar PV penetrations By 2030, 51% of new installs in the top Thailand’s GPSC pay
in power generation, growing to 13% share by 10 Asia Pacific solar PV markets will be
2030. distributed solar due to land constraints and $500mn for Taiwanese wind
Coming in at fifth, Vietnam will add 45 improving competitiveness against rising
GW of solar PV capacity this decade. Feed-in tariffs. China, with strong national policy and farm stake
tariffs (FiT) in the country has succeeded lower tariffs, leads utility-scale deployments,
in stimulating 5.5 GW and 13.8 GW solar which account for 53% of its total capacity Bangkok-listed Global Power Synergy Public
installation in 2019 and 2020, respectively. additions this decade. Outside China, Company Limited (GPSC) has acquired a 25%
This outstanding record also made Vietnam distributed solar is a more popular option, stake in the 595MW Changfang and Xidao
the largest solar market in Southeast Asia accounting for over 60% of solar PV new- (CFXD) offshore wind farms in Taiwan.
since 2019. However, installation is expected build installations in the region. The Thai company, a subsidiary of state-
to slow in the next five years, and then WOOD MACKENZIE owned oil and gas group PTT, is paying
gradually pick up due to the gap between $500mn for the shares.
subsidy phase-out and economical grid parity. The seller is Copenhagen Infrastructure
Wood Mackenzie consultant Xin Zhang HYDROGEN Partners (CIP), on behalf of the funds
said: “Carbon-neutral targets lead solar Copenhagen Infrastructure II K/S (CI-II) and
installations in Asia Pacific in the post-subsidy IOC to build Ind9ia’s first Copenhagen Infrastructure III K/S (CI-III).
era.” FIH Partners acted as exclusive financial
“By 2030, Vietnam will have the second green hydrogen plant adviser and White & Case was legal adviser to
highest solar PV penetration in power CIP on the transaction.
generation in the region. At 15% share of its India’s largest oil firm IOC will build the GPSC is doing the deal through a wholly
total power generation, Vietnam is second nation’s first ‘green hydrogen’ plant at its owned subsidiary, Global Renewable Synergy
only to Australia and will lead Japan,” said Mathura refinery, as it aims to prepare for a Company Limited (GRSC).
Zhang. future catering to the growing demand for The two CIP funds, CI-II and CI-III,

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