UPDATED

Facts & Figures

SOLAR Energy 2018
SOUTHEAST ASIA
singapore
Thailand
Philippines
Malaysia
Myanmar
Indonesia
Vietnam

UNLOCKING SOLAR 1-2 NOVEMBER 2018

CapitaL ASIA /// SINGAPORE
& FINANCIAL SUMMIT
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Table of Contents

p 3. Contact details - Solarplaza team

p 4. 1. Introduction to EVENT and Whitepaper
p 6. 2. Regional Overview

p 9. 3. COUNTRY PROFILES
p 9. 3.1 SINGAPORE
p 12. 3.2 Thailand
p 16. 3.3 philippines
p 20. 3.4 malaysia
P 23. 3.5 myanmar
P 26. 3.6 INDONESIA
P 29. 3.7 vietnam

P 32. general summary

P 34. sources & links

2
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Contact Details Solarplaza Team

Shushan Khachatryan Edoardo Pulvirenti

Project Manager: Account Manager
Unlocking Solar Capital Asia & edoardo@solarplaza.com
Financial Summit +31 10 302 7906
shushan@solarplaza.com +31 68 329 7865
+31 10 302 7909

Irene Rodríguez Martín Marco Dorothal

Media Partnerships Editor
irene@solarplaza.com marco@solarplaza.com
+31 10 302 7912 +31 10 302 7903

Disclaimer: This overview is provided by Solarplaza International BV (“Solarplaza”) as a service to its customers on an “as-
is, as-available” basis for informational purposes only. Solarplaza assumes no responsibility for any errors or omissions
in these materials. Solarplaza makes no commitment to update the information contained herein. This overview is
protected by copyright laws, and may only be reproduced, republished, distributed, transmitted, displayed, broadcast
or otherwise exploited in any manner only by accrediting Solarplaza as the source of it and providing a full hyperlink to
https://asia.unlockingsolarcapital.com where it was originally published.

3
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
1. Introduction to EVENT and
White paper
Southeast Asia is quickly becoming one
of the most promising regions in the
global expansion of solar energy industry.
The high levels of solar irradiation,
growing energy demand and increasing
level of commitment by governments in
the region towards renewable energy
generation are just some of the factors
that have ignited a growing interest in the
region from both local and international
stakeholder.
The purpose of this report is to provide
an overview of the most important facts
and figures related to some of the key
markets in Southeast Asia, serving as a
prelude to the Unlocking Solar Capital
Asia & Financial Summit conference that
Solarplaza will be organizing on the 1st
and 2nd of November in Singapore.
Solarplaza is proud to announce the
second edition of Unlocking Solar Capital
Asia - an industry-unique conference
4
dedicated to exploring the ways to unlock
capital for solar development in Southeast
Asia. This year, by joining forces with the
Asia Clean Energy Summit, Solarplaza
aims to bring together all investors,
financiers, solar developers, IPPs, EPCs
and other solar stakeholders to discuss
bankable solar photovoltaic (PV) projects
in Southeast Asia. This conference
will serve as a hub for the key players
in the region and will provide an ideal
opportunity to form long-lasting business
relationships with industry professionals.
The report will give an overview of a
range of issues related to PV project
development including: the demographic
landscape; legislation and policies;
electricity generation and capacity;
and more. The following countries will
be highlighted: Singapore, Thailand,
Philippines, Malaysia, Myanmar,
Indonesia and Vietnam.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

UNLOCKING SOLAR 1-2

CapitaL ASIA NOVEMBER 2018
Singapore
& FINANCIAL SUMMIT

• 1000+ international finance and • 30+ leading experts on stage sharing

project development executives their vision, expertise and experience
• Regional focused approach: • Guaranteed match-making through
Covering all countries from our customized software and
Southeast Asia to Central Asia interactive breaks

Shushan Khachatryan
Contact Project Manager
For program matters regarding the event and Emerging Markets & Finance
its content, get in touch with: shushan@solarplaza.com
+31 10 3027909

Register Now : https://asia.unlockingsolarcapital.com/registration

5
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
2. Regional Overview
The Southeast Asian region is one of
the most diverse regions in the world,
with more than 650 million inhabitants
spread across 11 different countries.
The region’s growing energy demand
and high irradiation levels provide a
very interesting opportunity for the
solar PV industry. However, the region
encompasses extremely diverse countries
Populations of Southeast Asian
countries, 2017
Source: Based on PRB, 2017.
Today, more than 75% of regional energy
production comes from three primary
resources, namely coal, oil and natural
gas. Indonesia possesses 80% of the
steam coal reserves, while Vietnam has
most of the remaining reserves (18%).
6
with vast differences in their levels and
patterns of energy consumption and
production, as well as differing regulatory
frameworks and market dynamics.
Furthermore, the rapid economic and
demographic changes in the region
present a range of opportunities and
challenges for energy production
and consumption.
Malaysia, Indonesia and Vietnam are
home to vast amounts of natural gas
reserves, possessing around 87% of the
total regional reserves. Those three
countries also hold 90% of the crude
oil reserves.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Electricity generation by
country in Southeast Asian,
1995-2015
Source: Based on IEA, 2017c.
According to IRENA’s 2017 report on
Southeast Asia, Southeast Asia harbours
particular potential for renewable
energy generation, especially due to the
dominant presence of hydro resources
in the Greater Mekong subregion. It also
has abundant solar, wind, geothermal
and biomass energy resources across the
region.
One type of technology that has been
making its mark across Southeast Asia
and is looking to become a major market
is floating solar. Singapore has been
exploring the applications for floating
solar by developing offshore installations
on its reservoirs. The country announced
in 2017 that it has plans to tender for
2 floating PV power plants totaling
2.5 MW. In Vietnam, Vasari Energy
Inc. recently unveiled plans to develop
7
two floating solar plants, with a capacity
of 40-50 MW, over the next two years.
Indonesia is also planning on moving
forward with floating solar, with plans to
develop a 200 MW floating solar array
set to be commissioned in 2020 and will
be located on top of the Cirata Reservoir
in the West Java province.
Drastic cost reductions in renewable
energy technologies and the multiple
benefits associated with modern
renewable energy applications have
brought a lot of attention to the Southeast
Asian region. The benefits from renewable
energy applications include enhanced
energy security, improved environmental
quality and the creation of new job
opportunities, as well as provision of
cost-effective electrification options to
the remote areas or islands.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Investment in renewable power by technology, 2006-16 (USD billion)

Source: Based on BNEF, 2017.

Note: Based on power sector asset finance data for Indonesia, Malaysia, the Philippines,
Singapore, Thailand and Viet Nam.

Investment in renewable energy in the power sector by country, 2006-16 (USD billion)

Source: BNEF, 2017.

Note: Based on power sector asset finance data for Indonesia, Malaysia, the Philippines,
Singapore, Thailand and Viet Nam.

8
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
3. COUNTRY PROFILES
3.1 Singapore
Country overview
Singapore is a sovereign city-state
and island country in Southeast Asia
consisting of one main island along with
62 other islets. The Singaporean economy
is know as one of the most innovative and
competitive economies in the world. Both
the 2018 Index of Economic Freedom and
Ease of Doing Business Index have ranked
Singapore as one of the most business-
friendly and easiest places to do business
in the world for the past decade.
As a small, resource-constrained country,
Singapore relies on imports for nearly all
of its energy needs. The country is also
faced with limited options when it comes
to renewable energy generation. To deal
Economic Figures
GDP
GDP per capita
GDP growth
Inflation Rate - Consumer Prices
Population
Credit rating (S&P / Moody’s)
Corruption Perception Index (CPI)
Ease of doing business index
Access to electricity
Power consumption per capita
9
with its energy challenges, Singapore has
plans to reduce energy consumption with
35% by 2030 (taking the 2005 levels as
base point).
The country has also been implementing
policies for more sustainable transport,
such as fuel economy standards, fiscal
incentives/tax exemptions for electric
vehicles (EV) and a sustainable public
transport strategy. On top of that,
Singapore has been working towards
developing expertise in distributed energy
grids to better incorporate renewable
energy sources, while still ensuring that
the electricity grid remains stable.
$335,199,110,000.00
$59,729.00
4.5%
0.6%
5,612,000
AAA/Aaa
84
2
100%
7,913 kWh
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Singapore's Total Installed Capacity per Source (in MW)
Electricity Mix
Singapore’s total
installed capacity
per source (in mw)
Singapore’s total installed power
generating capacity amounted to 13,348
MW in 2017. The country primarily
relies on natural gas (95%), with small
contributions of renewables (3%) and coal
& petroleum (2%) for its electricity needs.
Most of the country’s installed capacity
is fossil fueled - 12,961 MW, with solar
PV contributing 143 MW and bioenergy
accounting for 128 MW. Since it has few
natural resources of its own, most of the
energy that Singapore produces has to
be imported.
When it comes to renewables, the
challenges are similar. Limited renewable
energy options - specifically hydro, wind
Source: Energy Market Authority (EMA)
143 128
Fossil
Fossil Fuels
Fuels
Solar
Solar PV PV
12,961
Bioenergy
Bioenergy
Other
Other
and geothermal energy sources - have
caused the country to explore more
suitable and profitable sources of clean
energy, like solar energy. However,
solar energy development also has its
challenges in Singapore, especially for
such a densely populated country with
limited availability of land for large scale
solar projects. Intermittency, which is
mainly caused by the presence of high
cloud cover across the country and urban
shading, has also been a challenge that
Singapore is trying to tackle as it seeks
to triple its solar capacity by 2020. By
2030, it is estimated that renewable
energy could potentially cover up to 8%
of singapore’s peak electricity demand.
10
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Current & Future Solar Projects
In 2017, Singapore had an installed
capacity of 143 MW, which more than
doubled since 2015. Most of this capacity
comes from rooftop systems placed
on top of commercial and residential
buildings. One of the largest projects
under construction is Sunseap’s 60 MW
solar power project, which consists of
hundreds of solar arrays on rooftops
across the city-state, and is expected to
come only by the end of 2018.
Besides the barriers Singapore is
currently facing towards solar - such as
land availability and population density -
the country wants to take advantage of
its high average annual solar irradiation
of 1,580 kWh/m2 by aiming to increase
solar deployment from the current 143
MW installed PV capacity, to around 350
MW by 2020.
The two main initiatives that Singapore
has taken towards expanding its solar
capacity include the Housing and
Development Board’s (HDB) plan to
install solar panels on rooftops of high-
11
rise public housing developments and the
Economic Development Board’s (EDB)
plan to pilot solar panel installations on
water surfaces at Singapore’s reservoirs.
Singapore is focusing on research and
developments as well as test-bedding
to improve the performance of solar
systems, while developing innovative
ways of integrating solar energy systems
into its urban environment.
One of those projects is the world’s largest
floating photovoltaics (PV) testbed at
Tengeh Reservoir, run by the Solar Energy
Research Institute of Singapore (SERIS),
PUB and the Economic Development
Board, who are planning to expand this
test to other reservoirs in the next few
years. According to Dr. Thomas Reindl,
deputy chief executive of SERIS, floating
solar technology holds the potential to
increase energy capacity much quicker
than rooftop projects. At the end of 2017,
Singaporean authorities announced plans
for tendering 56.7 MW of two floating
solar PV plants at reservoirs around
the country.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
3.2 thailand
Country overview
Thailand is the second biggest economy
in Southeast Asia and has the second
largest amount of total installed power
generating capacity, with its 43 GW. In
2010, the country saw its first significant
installations of solar panels reaching
around 50 MW of installed PV capacity
by the end of the year. In 2017, the
country reached a significant milestone,
reaching a total of 2,697 MW of installed
PV capacity, exceeding 60% of the total
installed capacity in the ASEAN region,
followed by the Philippines, Malaysia
and Singapore.
The country is continuing its integrated
energy blueprint (TIEB), consisting of
a natural gas plan, oil plan, the Energy
Efficiency Plan (EEP), the Alternative
Energy Development Plan (AEDP) and
the Power Development Plan (PDP) with
the Smart Grid Plan (SGP) in response to
the continous growth in energy demand
and depletion of domestic reserves of
energy resources in Thailand. According
to the IRENA report, the country has
the capabilities to increase its share of
renewable energy from 12% in 2017, to
37% by 2036. Following that roadmap,
12
solar power alone would reach a total
capacity of 17 GW in 2036, instead of the
previously targeted 6 GW.
The government wants to introduce a
new national Power Development Plan
(PDP) at the end of 2018, to replace
the 2014 version and to provide much
needed clarification of the long-awaited
new regulatory framework for the solar
rooftop business-to-business (B2B)
segment, which might fall below public
expectations and public announcements
made by the government just a few
months ago.
Some have speculated that the
government wants to discuss the
possibility of a “solar freeze”, meaning that
for the next five years solar energy will
be acquired under grid-parity conditions
only. The Thai solar energy market is the
most advanced market in Southeast Asia,
and is leading the region in a progression
towards the merchant solar market,
making it very interesting for players to
be able to sell their energy on the spot
market for prices that might be more
attractive than FiT prices.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Economic Figures
GDP $437,800,000,000.00
GDP per capita $6,613.29
GDP growth 3.9%
Inflation Rate - Consumer Prices 0.79%
Population 66,200,000
Credit rating (S&P / Moody’s) BBB+/Baa1
Corruption Perception Index (CPI) 37%
Ease of doing business index 26
Access to electricity 99%
Power consumption per capita 2,542 kWh

Thailand's Total Installed Capacity by Source (i

Electricity Mix
2,697
THAILAND’s total Fossil Fuels 3,575
installed capacity Bio
BY source (in mw) 3,824
Hydro
Solar PV
Wind 35,690

Thailand has a total installed capacity

base of 43 GW, most of which consists of
fossil fuel energy sources, with more than
70% of combined-cycle and condensation
thermal power derived from natural
gas and coal, supplemented by around
17% of power from renewable energy
sources. Currently, Thailand is facing a
fossil fuel crisis, due to the country’s high
dependence on fossil fuels to satisfy the
growing energy needs of its population.
Energy demand is forecasted to rise by
almost 80% in the next 20 years, which
creates a challenging situation for a
country that is mainly dependant on
energy imports for a large part of its
energy supply.

13
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
By the end of 2017, it had become clear
that renewable energy is a realistic
solution for Thailand’s constantly
increasing energy consumption.
Renewables accounted for more than 9
GW of installed capacity, with bioenergy
taking up most of the capacity, amounting
to around 3.8 GW. One of the clear
examples that renewable energy is a
solution for Thailand’s energy problems
is the fact that installed capacity for wind
power has nearly tripled since 2014, from
225 MW to 628 MW in 2017. Capacity
for solar power has also increased greatly
since 2014, doubling from 1299 MW to
2697 MW at the end of 2017.
According to Eric Ho, director at
Renewable Energie Singapore, one of
the reasons for the country’s immense
growth is the government’s plan to offer
the highest FiT subsidies to solar energy
Current & Future Solar Projects
Thailand currently has around 2.7 GW of
installed solar PV capacity. Its largest solar
PV installation is the 128 MW EA Solar
Lampang plant, located in the Lampang
province, in northern Thailand. It is one
of the biggest solar PV installations in
the Southeast Asian region. The plant
is owned by Energy Absolute Public
14
projects. Increasing the duration of the
power purchase agreement (PPA) from
10 to 25 years also helped to boost the
attractiveness of investments. Things
are looking very bright for Thailand for
the coming years, as the country aims to
install 6 GW by 2036 in order to reach its
overall target of 30% of renewables in the
energy mix.
Thailand’s government has planned to
revise the Ministry of Energy’s Power
Development Plan with the aim of
improving energy security, the economy
and specifically maintaining appropriate
costs of power generation, as well as
implementing energy efficiency and
ecology measures, with a particular focus
on reducing environmental and social
impacts by lessening carbon dioxide
intensity of power generation.
Company Limited (Bangkok, Thailand), a
key player in the solar energy market in
Thailand. Energy Absolute PLC has also
appeared in our top 25 Southeast Asia
plants, having developed 4 plants in the
Nakornsawan, Phitsanulok and Nakhon
Sawan Provinces.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
According to IRENA, Thailand has around
307 MW of solar projects that are in
the process of being commissioned.
One of those projects include B. Grimm
Power’s 30 MW PV project, developed
in partnership with the War Veterans
Organization of Thailand (WVO) and
agricultural co-operatives. However,
building such projects comes with a large
need for land, which has been a major
issue for utility-scale projects in Thailand.
Still, such a pipeline shows that there
are several opportunities present in
Thailand’s solar energy market for the
coming years. One of those opportunities
is the possibility for new public tender
procedures to develop additional solar
farms. It can be expected that these
auctions will have a stricter bidding
process with stricter requirements
15
regarding location, capacity, PPA
conditions, and overall feasibility. It is also
possible to develop solar projects without
bidding by realizing solar energy projects
outside of a formal public tender process
and selling directly to a company or buyer.
This type of corporate PPA scheme is set
to become the standard in Thailand as the
country approaches grid parity.
Another opportunity in Thailand’s solar
energy market is the development of solar
rooftop investments. Under Thailand’s
upcoming solar rooftop legislation,
investors and developers are expected
to be given the possibility to cooperate
with commercial and industrial (C&I)
rooftop owners to generate electricity
and sell the surplus energy to the grid,
as well as entering into PPAs with
corporate offtakers.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
3.3 Philippines
Country overview
The Philippines is an island nation
comprised of more than 7,000 islands.
Most of the country’s topography consists
of mountainous terrains that are very
susceptible to tropical storms, typhoons
and earthquakes. Nonetheless, the
country boasts an abundance of natural
resources, and has an impressive tourism
industry with more than 6 million tourists
visiting the island nation every year. The
increase in tourism, together with the
fact that the country estimates that their
population will double within thirty years,
will cause some significant challenges for
the energy sector.
Economic Figures
GDP
GDP per capita
GDP growth
Inflation Rate - Consumer Prices
Population
Credit rating (S&P / Moody’s)
Corruption Perception Index (CPI)
Ease of doing business index
Access to electricity
Power consumption per capita
16
According to the World Bank, the
Philippines has an electrification rate
of 91%, leaving around 2.2 million
households without electricity. In its
household Electrification Development
Plan, the government had set a target
of 100% electrification of unelectrified
households in all three major island by
the end of 2022 with the goal of ensuring
“that every Filipino family shall have
an equal opportunity to access basic
electricity services”.
$313,420,000,000.00
$2,980.00
6.7%
3.2%
104,900,000
BBB/Baa2
34
113
91%
711 kWh
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Philippines' Total Installed Capacity per Source (

Electricity Mix
885
PHILIPPINES’s total Fossil Fuels 1,916
installed capacity Hydro
PER source (in mw)
Geothermal
3,627
Solar PV
15,649
Wind
Bioenergy

The Philippines has a total installed power

generating capacity of over 22 GW, with
fossil fuels accounting for more than two
thirds of the generation mix, consisting of
35.4% coal, 18.3% oil and 15.2% natural
gas. According to the IRENA’s 2017
Renewable Energy Statistics Report,
renewables account for more than 30%
of the total installed power generating
mix, comprising of 3.6 GW of hydro, 1.9
GW of geothermal energy, around 0.9
GW of solar, 0.4 GW of wind and 0.2 GW
of Bioenergy. Since 2014, the government
has added around 1.5 GW of renewable
energy capacity, which consisted mostly
of solar installations with 868 MW of
solar added to the grid, followed by 287
MW of hydro, 280 MW of wind, 145 MW
of geothermal, 79 MW of bioenergy.

17
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
The main reason for the increase in
renewable energy capacity is the country’s
2017-2040 energy plan, which also seeks
to improve the country’s electricity
grid in order to be able to cope with the
additional 43 GW of energy demand that
is estimated to be needed by 2040. The
country’s grid plan is aimed at ensuring
energy security; expanding energy
Current & Future Solar ProjectS
The Philippines has a current installed
solar ePV capacity of 885 GW, most of
which was installed over the last 3 years.
Since 2014, solar PV grew more than 40
times due to the commissioning of large-
scale solar plants, such as the 132.5 MW
Cadiz Solar Power Plant, the 80MW
Negros Island Solar Power Plant and the
63MW Calatagan Solar Plant. Besides the
active plants, the country also has a vast
pipeline of projects set to come online in
the coming years.
18
access to achieve 100% electrification
of unelectrified households in all three
major islands by 2022; and connecting the
Mindanao grid with the interconnected
Visaya and Luzon grids by 2020 to
increase power supply reliability and
resilience. This also helps the Philippines
to become less exposed to external risks
and lower its dependency on foreign oil.
One of the key players leading the
development of solar is Solar Philippines,
which announced in April 2017 that
it aims to develop around 500 MW of
solar capacity in the Philippines over the
coming years. The largest PV projects still
to be commissioned include the 294MW
Concepcion Tarlac 2 Solar Project in Tarlac
province, the 196MW Maragondon-Naic
1 Solar Farm in Cavite and the 141 MW
IBa-Palauig 2 Solar Project in Palauig,
Zambales. Operations for these projects
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
are expected to start between the end
of 2018 and the beginning of 2020.
According to Trade Undersecretary and
Board of Investments (BOI) Managing
Head Ceferino Rodolfo, energy produced
by these projects will be sold through
the Wholesale Electricity Spot Market
(WESM) at competitive prices.
In 2017, the Philippines solidified its
interest solar energy by inaugurating the
country’s first PV module factory, which
is owned by Solar Philippines and will
produce an annual output of 800 MW of
solar panels in 2018, with future plans
of ramping up production to 2 GW. The
company aims to become the “largest
non-Chinese solar panel manufacturer”
in the world.
SunAsia, a local Filipino energy company,
has also expressed plans of developing
19
several solar facilities in the Philippines.
The company wants to install a total
capacity of 150 MW by 2019, most of
which is set to be located in the Mindanao
region.
Additionally, the government in the
Philippines aims to increase the number
of large-scale solar PV installations in
the country, with the goal of reaching 3
GW of solar PV capacity by 2022. The
government expects the cumulative solar
installation to reach 8.7 GW by the end
of 2030, with solar rooftops constituting
35% of the total installations. All of these
initiatives are likely to further drive
the growth of the Philippine solar
energy market.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

3.4 Malaysia
Country overview
Malaysia is the third largest economy in higher than the GDP growth rates, which
Southeast Asia and plays a key political is expected to grow 5.4% over the course
role in the region. The country is divided of 2018.
into two regions, Peninsular Malaysia and
the island of Borneo, both divided by the Such imbalances show the level of energy-
South China Sea. Malaysia has traditionally intensive economic activities that are
always relied on oil production, due to the driving the growth as well as the need to
nation’s massive reserves, but recently promote efficient use of energy. Increasing
has been diversifying into producing and energy efficiency would require sound
exporting electronic goods. energy efficiency policies supported
by good strategies and implementable
Its growing population and expansion
programs. Malaysia is determined to
of economic activities, especially in the
maintain its economic growth over the
manufacturing sectors, have been main
next decade. One of the ways that the
drivers affecting the increase in demand
Malaysian government has been trying to
for energy supply. This was accelerated
promote renewable energy development
by the industrialization process that
was by setting a target for 2050 to have
took place in the country over the past
24% of all the electricity generated come
two decades. Malaysia’s final energy
from renewable energy sources. Malaysia
consumption had increased from 13
is determined to maintain its economic
million toe (“Tonne of Oil Equivalent”)
growth over the next few years, but the
in 1990 to about 53 million toe in 2013,
growth in its energy consumption must
reflecting an annual average growth rate
be managed to ensure the productivity
of 6.3%. As a result, the nation’s energy
and competitiveness of its economy.
demand growth rates have been growing

Economic Figures
GDP $314,000,000,000.00
GDP per capita $9,810.00
GDP growth 5.9%
Inflation Rate - Consumer Prices 3.8%
Population 32,050,000
Credit rating (S&P / Moody’s) A-/A3
Corruption Perception Index (CPI) 47
Ease of doing business index 24
Access to electricity 100%
Power consumption per capita 4,238 kWh

20
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Malaysia's Total Installed Capacity by Source (in M

Electricity Mix

MALAYSIA’s total Fossil Fuels 6,144

installed capacity Hydro
BY source (in mw)
Bioenergy
Solar PV 26,492

Malaysia has a mix of energy resources

that consists mainly of natural gas, coal
and renewable energies, such as hydro,
bioenergy and solar PV. The country
is dependent mainly on fossil fuels for
its energy generation, largely due to its
plentiful reserves of coal and natural
gas. However, Malaysia’s geographical
landscape causes significant differences
between the energy situations in the
country’s mainland (Peninsular) as
compared to the energy situation in
Sarawak and Sabah located on the island
of Borneo. For example: Malaysia’s
mainland grid is connected to the grids
of Thailand and Singapore and offers
energy access to all of the inhabitants
of that region, while the grids in Sabah
and Sarawak are much smaller grids
and do not cover all of their respective
inhabited territories.
Energy generated using fossil fuels
comes primarily from thermal power
plants and accounts for more than 75%
of the total installed capacity. When it
comes to renewable energy capacity, the
largest share comes from hydropower,
accounting for over 6.1 GW of the total
installed capacity. Bioenergy and Solar PV
take up the remaining capacity, with 846
MW and 362 MW of installed generating
capacity, respectively.

Current & Future Solar ProjectS

21
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Since 2014, the country’s installed solar
PV capacity has grown by an average of
around 30% each year, from 14 MW to 362
MW in 2017. The Malaysian government
announced additional plans to reach a
total installed solar PV capacity of 500
MW by 2020. So far, the growth was fueled
by Malaysia’s FiT scheme (implemented
in 2011) and by the country’s strong fiscal
support for the solar market. However, it
still needs to be seen how Malaysia will
reach its 2020 target, as the annual added
PV capacity has been slowing down since
the boom in 2013.
Currently, Malaysia only has a few
large-scale solar projects in operation,
most of which were approved under the
FiT scheme and large-scale solar (LSS)
auctions in previous years, such as the 19
MW Kuala Lumpur Airport Solar Plant,
which is the country’s largest operational
solar PV project to date. The project was
developed by SunEdison and owned by
Malaysia Airports Holding Bhd. Other
PV projects in operation include Eastern
Pacific GD Solar’s 18.5 MW solar plant in
Terengganu and IL Solar’s 10 MW solar
PV plant in Kedah.
Besides those active LSS projects,
Malaysia also has an extensive pipeline of
projects that still have to be commissioned.
One of the biggest projects announced is
a 61 MW solar farm that is being built by
ET Energy in partnership with UiTM Solar
Power. Another interesting project under
development is a 49 MW floating solar
22
plant located in Pasir Mas, Kelantan, which
will be developed by Tien Ching and is set
to be the largest floating solar PV array in
the world. Both of these projects are still
in the early stages of development, but
show that Malaysia really wants to invest
in solar energy and will try to do so by
using all of the resources that are present
in the country.
In 2017, Malaysia organized a second
large-scale solar auction, resulting in
562 MW of solar energy capacity being
awarded. Most of these projects are
expected to be commissioned by 2019
and 2020. The second auction round
brought lower tariff prices compared
to the first auction, giving solar the
possibility to compete with some of the
country’s thermal power plants.
Another factor that affected the
auction is the fact that the Malaysian
government capped the participation of
foreign developers at 49% in order for
the auction to be in line with Malaysia’s
strategy to support the domestic market
and players. Despite this requirement,
the auction attracted more than 1.6
GW of submissions, with 506 MW being
awarded to the Peninsular Malaysia
region and 56 MW to the Sabah/Labuan
region. The oversubscription of the tender
clearly reflects the strong interest for
solar present in Malaysia, especially with
a pipeline of close to 1 GW of projects.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
3.5 Myanmar
Country overview
Myanmar, also known as Burma, is one
of the smallest economies in the region
and is located between China and India.
Despite its size, the country is the largest
natural gas exporter in the region, with
over 90% of its output being exported to
Thailand and China. The country has an
abundance of oil, gas, coal, hydropower
and renewable sources. A crucial driver
for GDP growth has been the country’s
largest export commodity, natural gas.
Growing industrial demand, together
with the vast infrastructure development,
have lifted Myanmar towards being one
of the most promising energy markets in
the region.
Economic Figures
GDP
GDP per capita
GDP growth
Inflation Rate - Consumer Prices
Population
Corruption Perception Index (CPI)
Ease of doing business index
Access to electricity
Power consumption per capita
23
Currently, Myanmar has 3,033 MW of
installed hydropower capacity, out of an
estimated potential of over 100,000 MW.
In April 2017, the current government
issued a statement saying that a further
6,270 MW of electricity will be generated
by 20 new and upcoming hydropower
projects. Until 2012, other types or
renewables, such as solar PV, contributed
only to a small degree to the electricity
production. However, solar PV has been
projected to have the potential to reach
5% of the total electricity production
by 2030.
$66,540,000,000.00
$1,260.00
6.7%
5.1%
52,650,000
30
171
57%
214 kWh
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Myanmar's Total Installed Capacity per Source

Electricity Mix

MYANMAR’s total Hydro

installed capacity Natural Gas
PER source (in mw)
Coal 1,823
3,033

Myanmar has a total installed power

generating capacity of around 5 GW,
which is the lowest total installed
capacity of all of the countries discussed
in this report. However, Myanmar has
the highest share of renewable energy
in the overall mix compared to the other
countries. It’s electricity mix consist
mostly of hydropower, with around 3
GW of operating hydropower generation
capacity. Besides that, Myanmar only
produces energy from fossil fuels, namely
natural gas (1.8 GW) and coal (120 MW).
The country’s substantial gas, oil and coal
reserves provide it with the resources it
needs to be able to produce one thirds of
its energy from domestically harvested
fossil fuel sources. Most of the installed
capacity comes from on-grid sources, but
there are some small hydro installations
and diesel generated capacity that
operate off-grid.
Non-hydro renewable sources are almost
non-existent in the country. A large
percentage of the Myanmar population
still relies on traditional biomass for
energy, such as firewood, coconut and
bamboo. The government is looking into
more efficient and healthier ways of
developing biomass projects as well as
using off-grid systems.

24
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Current & Future Solar ProjectS
Most of Myanmar’s solar PV capacity
comes from C&I and off-grid installations.
The power infrastructure situation in
Myanmar is not optimal for establishing
large-scale projects. Only one-third of
the population is connected to the grid,
with most of the remaining inhabitants
relying on off-grid systems for electricity.
The Myanmarese government aspires
to achieve universal electricity access
by 2030, by working on extending the
grid, preceded by electrification in rural
areas to prepare for the arrival of the
national grid; and establishing permanent
mini-grid and off-grid connection in
remote areas.
At the moment, there are only a handful
of projects that have been announced,
and an even smaller amount of them
that are already under development.
25
One of the projects under construction
is Green Earth Power’s 220 MW project
in Myanmar’s Magway region, on which
work has started for the first 50 MW
phase of the project.
In May 2017, the country’s Ministry of
Electricity and Energy reported that - at
that time - there was a planned utility-
scale PV project pipeline totaling 1.5
GW. The pipeline consisted of 5 projects
ranging from 10 MW to 880 MW of
capacity. Two of those projects will be
developed in the Nay Pyi Taw region,
while the other projects are envisioned
for the Mandalay, Magway and Sagaing
regions. This shows that the on-grid and
off-grid solar markets in Myanmar are
still growing, fueled by a vast untapped
potential due to the country’s high solar
irradiation levels.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

3.6 INDONESIA
Country overview
Thinly spread across thousands of island
chains, Indonesia is often labelled ‘the
crown jewel of Southeast Asia’. It is a
country with excellent conditions for solar
PV, with daily solar irradiation averaging
4.80 kWh/m², which is comparable to
that of Southern European countries
such as Portugal and Greece. However,
the estimated potential differ per region,
which is partially a result of differences
in resources across Indonesia, but mainly
due to variations in the availability of land
and rooftops.
According to the International
Renewable Energy Agency (IRENA), the
Indonesian government has planned to
have renewable energy provide 23% of
the total primary energy supply by 2025,
with future plans of reaching 31% by
2050. The government wants to achieve
this by adding an extra 3.6 GW of solar
PV capacity by 2019, which is part of the
government’s overall Electricity Supply
Business Plan to reach a capacity of 6.4
GW of solar PV development by 2025.
This plan is aimed at providing electricity
to 1.1 million households that are
currently not electrified.

Economic Figures
GDP $1,020,000,000,000.00
GDP per capita $3,880.00
GDP growth 5.1%
Inflation Rate - Consumer Prices 3.8%
Population 261,990,000
Credit Rating (S&P / Moody’s) BBB-/Baa2
Corruption Perception Index (CPI) 37
Ease of doing business index 72
Access to electricity 97.6%
Power consumption per capita 765 kWh

26
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Electricity Mix
INDONESIA’s total Fossil Fuels
installed capacity
Hydro
PER source (in mw)
Geothermal
Bioenergy
Other Renewables
The current energy mix is mainly
dominated by fossil fuels, which account
for more than 53 GW of generation
capacity, comprised of coal (55%), natural
gas (26%) and oil (7%). Hydropower,
contributing around 5.38 GW, is currently
the largest source of renewable power in
Indonesia, mainly due to the country’s
abundance of rivers and natural resources.
However, only 5.8% of the total hydro
energy potential has been exploited so
far, with governmental plans to scale up
activity by, for example, adding around
3 GW of micro hydro plants by 2025.
The country’s second largest renewable
energy source, geothermal, accounts
for around 1.9 GW of the total installed
capacity. It’s trailed by bioenergy, with
1.7 GW, and other renewables, mostly
solar and wind, with just 16 MW and
1 MW, respectively.
27
Indonesia's Total Installed Capacity per Sour
5,382
53,806
Until now, solar PV development has
only been a minor part of the overall
energy mix, contributing just 80 MW
of generating capacity (16 MW on-grid
and around 64 MW off-grid), which
corresponds to around 0.15% of the total
energy production. Most of the current
solar development activity consists of
stand-alone solar PV systems located in
remote areas and some on-grid systems
with a larger capacity. In an effort to
accelerate solar energy development,
PLN has made commitments to over 700
MW worth of solar capacity through
memorandums of understanding (MoU),
in order to develop utility-scale solar
PV systems.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Current & Future Solar ProjectS
Currently, the largest active solar power
plant in Indonesia has a capacity of
5 MW and is located in Kupang, East
Nusa Tenggara. Other projects worth
mentioning include the power plants in
Bali and Gorontalo, which both have a
capacity of 2 MW. These projects involve
Indonesia’s state-owned oil and natural
gas corporation Pertamina, as well as
private sector developers such as Savills
and Quantum Energy Indonesia. A plan
for a 507 kW rooftop project has also
been announced and will be installed on
top of a new mall in Jakarta.
Besides those active projects, Indonesia’s
renewable energy development is picking
up with the help of companies such as Akuo
Energy, a French IPP with a subsidiary in
Bali, which signed a MOU with PLN to
build a 500 MW hybrid project across
small to medium islands, of which 250
MW will be solar PV installations. This
project will be completed using small and
isolated electricity systems. In June 2018,
Akuo Energy inaugurated Indonesia’s
first three solar+storage mini-grids, with
28
a combined PV capacity of 1.2 MW, to
enable uninterrupted, off-grid electricity
access for three remote villages in the
isolated Berau district of East Kalimantan.
At the beginning of 2017, PLN signed
PPAs to buy electricity from 6 new
solar PV plants under development,
consisting of four 5 MW plants, one 10
MW plant and one 15 MW plant. The
Asian Development Bank (ADB) has also
been playing a role in solar development
in Indonesia, for instance by providing
financing to develop a 21 MW PV plant
located in North Sulawesi together with
Vena Energy, which is set to be Indonesia’s
first utility-scale solar PV plant. Another
big player interested in the market, Akuo
Energy, has plans to install 250 MW of
solar PV capacity on small to medium
islands in Indonesia. Most of these plants
are expected to be commissioned in 2018
and 2019, however detailed information
on CODs, precise project locations and
plant values are still to be disclosed.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
3.7 VIETNAM
Country overview
Vietnam is the third largest country in
Southeast Asia and is one of the most
efficient power markets in the region,
mainly driven by low-cost resources
such as hydro and coal. The country has
achieved almost 99% electrification, but
with energy demand projected to increase
by more than 10 percent annually in the
next five years, and required capacity set
to double, the country’s government will
need to move forward with developing
renewable energy sources to ensure
energy security and addressing the
growing power demand.
When it comes to solar energy, Vietnam is
considered to be a country with very good
conditions for solar PV development.
Economic Figures
GDP
GDP per capita
GDP growth
Inflation Rate - Consumer Prices
Population
Credit Rating (S&P / Moody’s)
Corruption Perception Index (CPI)
Ease of doing business index
Access to electricity
Power consumption per capita
29
The average solar radiation amounts
to 5 kWh/m2 which is comparable to
that of Spain and Italy. The regulatory
environment also provides a fertile
breeding ground for solar projects.
Vietnam’s National Master Plan VII
clearly outlines the need for increasing
electrification and does so by emphasizing
the importance of renewable energy
sources. With the announcements of the
new PPA-structure in October 2017, solar
projects are eligible for several incentives
aimed at making investments more
attractive, in order to increase attention
to the country’s solar energy market from
foreign investors.
$220,410,000,000.00
$2,350.00
6.8%
3.5%
93,640,000
BB-/B1
35
68
100%
1,397 kWh
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Vietnam's Total Installed Capacity per Source (in

Electricity Mix

VIETNAM’s total Fossil Fuels

installed capacity Hydro
PER source (in mw)
Other Renewables
The total installed capacity of Vietnam
amounted to 43.65 GW by the end of
2016. Vietnam’s electricity mix is primarily
composed of 23 GW of fossil fuels (54%)
and 19 GW of hydropower (44.3%).
Other renewables, such as biomass, wind
and solar, only contribute with 0.5 GW
of installed capacity (1.25%). Vietnam’s
current capacity expansion targets aim
to increase the capacity of non-hydro
renewable energy capacity from 0.5
GW to 4.3 GW by 2020. The country’s
deepening appetite for electricity has led
the government to set an official solar
energy target of 800 MW by 2020. Some
have called that a highly ambitious target,
while others, such as Bikesh Ogra (CEO of
Sterling and Wilson’s renewable energy
and storage division) believe that the
current solar power potential in Vietnam
could enable the country to reach 7 GW
of PV capacity by that date, only if the
Vietnamese government and developers
keep on working together to improve
operations and negotiations.
F
19,340 H
23,760
O
The country’s revised Power
Development Plan aims to increase the
share of renewables, while simultaneously
promoting new coal and natural gas
facilities, to support a growing industrial
sector and the increasing electricity
demand, which is expected to increase 9%
annually from 2015 to 2030. According
to the Ministry of Industry and Trade,
the country’s hydropower potential is
nearly completely exploited. On the other
hand, wind, solar and biomass expansion
potential are high and have remained
relatively untapped. Despite the potential
for renewable energy applications in
the country, so far it has only focused on
developing small-scale installations.

30
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Current & Future Solar ProjectS
In 2017, Vietnam’s solar energy capacity
amounted to around 8 MW, comprised
mostly of C&I and rooftop projects below
1 megawatt. Currently, the country’s
solar energy landscape looks very calm,
but is quickly picking up to become one of
the leading markets in Southeast Asia for
the coming years. This was exemplified
by the announcement in June 2018
that the biggest solar power plant in
Southeast Asia will be located in Tay Ninh,
southwest Vietnam, with commercial
operations set to take place in June 2019.
B. Grimm, Thailand’s leading industrial
conglomerate will work together with
Xuan Cau Co. Ltd to develop this massive
420 MW solar project, consisting of two
plants, Dau Tieng 1 and Dau Tieng 2, with
a total investment of USD 400 million.
According to research conducted by
PV Magazine, Vietnam currently has a
construction pipeline of more than 500
MW of projects. One of the largest plants
31
under construction is a 168 MW solar PV
plant developed through a partnership
between Sunseap international, InfraCo
Asia Development and CMX Renewable
Energy Canada. All of the companies
are working together to invest USD 150
million to develop what will be Vietnam’s
largest solar project to date. The plant
will be located in Vietnam’s Ninh Thuan
province and is expected to come online
in June 2019.
Other remarkable projects under
construction include: a 49.5 MW solar
plant in Quang Binh province partially
owned by Hanwha Q Cells; a 30 MW solar
project located in Ninh Thuan and owned
by BIM group and AVC energy; and a 13
MW solar project in An Gian Province
by Pacific Energy Network Vietnam. If
everything goes according to plan, these
projects are scheduled to start producing
power by the end of 2018.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

4. General Summary

Over the course of the past few years, In 2017, Thailand was the leading country
Southeast Asia’s great solar potential is when it came to new PV installations, with
starting to deliver on its large promise, 251 MW of new PV capacity added. The
with some countries experiencing faster Philippines came in second with 120 MW
growth than others. In total, around 411 of new PV capacity, followed by Malaysia
MW of solar PV capacity was developed with 22 MW and Singapore with 17 MW.
in 2017. This was, however, significantly In order to scale up investments, to reach
lower than the new installations added the regional target of 23% primary energy
in 2016, when more than 1.8 GW of solar from renewable energy by 2025, efforts
capacity was inaugurated. The surge in to accelerate private investments and
cheap fossil fuel energy has been one of address macroeconomic, regulatory and
the factors that was found to be affecting financing-related barriers are required.
the amount of new renewable energy These efforts include improving access
projects. Fossil fuel reserves also play a to capital at the local level, mitigating
big role in the energy mix of the region, investment risks and improving project
but the threat of depletion is something readiness and attractiveness.
that most countries are starting to find
inevitable to circumvent.

total installed PV capacity IN SOUTHEAST ASIA BY COUNTRY (in mw)

Total Installed PV Capacity in Southeast Asia by Country (in MW)
3.000

2.702

2.500 2.451

2.000

Solar PV Capacity 2017

1.500

Solar PV Capacity 2016

1.000
885
765

500
362
340

143 126
25 25 16 16 8 7
-
Thailand Philippines Malaysia Singapore Myanmar Indonesia Vietnam

32
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018
Singapore has ambitious solar targets
for the coming years, most of which will
have to be reached with the use rooftops
and floating solar arrays, as the country
has the least amount of land available
compared to the other countries in
the region.
Thailand, the leader in solar PV capacity in
the region, has recently been experiencing
a winding down of its co-operative utility-
scale program, while the Philippines
has PPAs of all forms still pending at the
regulator’s office to be approved.
Malaysia’s solar energy market is maturing
with its LSS auction program, and have
fostered the attention and interest for a
third round of its LSS auctions.
Myanmar is currently facing grid-related
challenges, but has shown quite some
potential for off-grid with its pipeline of
around 1.5 GW in PV capacity.
Indonesia is also making its way towards
renewables by recently installing
hundreds of micro-grids to electrify the
inhabitants of its remote islands.
Vietnam implemented its new FiT
schemes for solar and wind, which have
resulted in a multi-Gigawatt pipeline of
projects under construction.
33
The region has experienced a slight
decrease in returns, due to the steady
rise of competitive auctions and the large
number of international developers,
which has also been driving prices down,
as well as revenues. Land rights remain
the major issue for solar development in
the region, however, some factors might
be able to surpass those barriers.
One of those factors is the emergence of
corporate PPAs, which are becoming more
common in the market and are expected
to rise while large-scale solar installations
are slowing down. Another factor is
floating solar, which has been hyped to be
able to remove the land constraint issue
of solar installations, especially since
the region has an abundance of water
bodies due to its large number of hydro
dams, thermal power ponds and
man-made reservoirs.
Experts have speculated that the
capacities tendered so far have been very
small compared to the size and population
of the countries involved. Ultimately, the
large-scale PV progress is still limited and
it will be very interesting to see whether
the stagnation will change or further
affect the market in the coming years.
Still, all in all, the market is set to pick up
speed again after the slump of 2017, with
an impressive pipeline of projects set
to materialize over the course of 2018
and 2019.
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

Sources & Links

Regional Overview

- Renewable Capacity Statistics 2018

http://www.irena.org/publications/2018/Mar/Renewable-Capacity-Statistics-2018
- Renewable Energy Market Analysis Southeast Asia
http://www.irena.org/publications/2018/Jan/Renewable-Energy-Market-Analysis-Southeast-Asia
- Renewable Policy Update
https://www.iea.org/media/pams/REDRenewablePolicyUpdateNo1720180111.pdf
- World Economic Outlook (April 2018)
http://www.imf.org/external/datamapper/datasets/WEO

Floating solaR

- Floating solar power system eyed in Laguna de Bay

http://business.inquirer.net/252295/floating-solar-power-system-eyed-laguna-de-bay
- TNB research shows Peninsular Malaysia has huge floating PV potential
https://renewablesnow.com/news/tnb-research-shows-peninsular-malaysia-has-huge-floating-pv-potential-479178/
- Kerala startup to build floating solar plants in Malaysia
https://timesofindia.indiatimes.com/city/kozhikode/kerala-startup-to-build-floating-solar-plants-in-malaysia/articleshow/57996325.cms
- Vasari plans 200 MW of land-based and floating solar in Vietnam
https://renewablesnow.com/news/vasari-plans-200-mw-of-land-based-and-floating-solar-in-vietnam-598664/

COUNTRY PROFILES

Singapore
- Sembcorp secures 50MW solar project in Singapore
https://www.compelo.com/energy/news/sembcorp-secures-50mw-solar-project-in-singapore/
- Sembcorp acquired 40 MW rooftop solar power project in Singapore
https://www.photon.info/en/news/sembcorp-acquired-40-mw-rooftop-solar-power-project-singapore?utm_source=newsletter&utm_medi-
um=email&utm_campaign=PHOTON%20Newsletter%20-%20International%20edition%20from%20June%2020%2C%202018&newslet-
ter=PHOTON%20Newsletter%20-%20International%20edition%20from%20June%2020%2C%202018
- National Accounts Singapore
https://www.singstat.gov.sg/find-data/search-by-theme/economy/national-accounts/latest-data
- Renewable Energy Overview - Singapore
https://www.ema.gov.sg/Renewable_Energy_Overview.aspx
- Singapore’s Approach to Alternative Energy
https://www.nccs.gov.sg/climate-change-and-singapore/national-circumstances/singapore’s-approach-to-alternative-energy
- ‘Energy islands’ among new solar energy projects launched
https://www.straitstimes.com/singapore/energy-islands-among-new-solar-energy-projects-launched
- The future for Singapore’s energy burns bright
https://home.kpmg.com/sg/en/home/media/press-contributions/2017/11/the-future-for-singapore-energy-burns-bright.html
- Solar energy from S’pore to power Microsoft
https://www.straitstimes.com/business/companies-markets/solar-energy-from-spore-to-power-microsoft
- S&P keeps Singapore rating at AAA, says probability of downgrade ‘remote’
https://www.cnbc.com/2017/04/12/sp-keeps-singapore-rating-at-aaa-says-probability-of-downgrade-remote.html
- Singapore Energy Statistics
https://www.ema.gov.sg/cmsmedia/Publications_and_Statistics/Publications/SES17/Publication_Singapore_Energy_Statistics_2017.pdf
- Singapore Energy Efficiency Goals
http://aperc.ieej.or.jp/file/2017/11/17/17_SIN.pdf
- Singapore Energy Statistics 2017
https://www.siew.sg/newsroom/articles/detail/2017/08/11/singapore-energy-statistics-2017
- Energy Transformation Singapore
https://www.ema.gov.sg/cmsmedia/Publications_and_Statistics/Publications/ses/2017/energy-transformation/index.html
- Singapore issues first tender for floating PV projects
https://www.pv-magazine.com/2018/04/30/singapore-issues-first-tender-for-floating-pv-projects/

Thailand
- Seven opportunities in Thailand’s Solar Energy
https://pugnatorius.com/solar-energy-update-2018/
- Renewable Energy Outlook Thailand
https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2017/Nov/IRENA_Outlook_Thailand_2017.pdf

34
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

- Solar rooftop potential in Thailand

https://theaseanpost.com/article/solar-rooftop-potential-thailand
- East and Southeast Asia - Thailand
https://www.cia.gov/library/Publications/the-world-factbook/geos/th.html
- Thailand’s Power Development Plan: 2018 Update Expected to Focus on Renewable Energy
https://www.lexology.com/library/detail.aspx?g=31ebcb0b-ed60-4126-8592-3ed7f9f4cae8
- BRIEF-S&P Says Ratings On Thailand Affirmed At ‘BBB+/A-2’ And ‘A-/A-2; Outlook Stable
https://www.reuters.com/article/brief-sp-says-ratings-on-thailand-affirm/brief-sp-says-ratings-on-thailand-affirmed-at-bbb-a-2-and-a-a-2-
outlook-stable-idUSFWN1OF0BO
- B.Grimm signs PPAs for 30MW of solar projects in Thailand
https://www.pv-tech.org/news/b.grimm-signs-ppas-for-30mw-of-solar-projects-in-thailand
- Rating: Thailand Credit Rating
https://countryeconomy.com/ratings/thailand
- Thailand Expected to Post 4.1% Growth in 2018 - Best Economic Performance Since 2012
http://www.worldbank.org/en/news/press-release/2018/04/09/thailand-expected-to-post-41-growth-in-2018-best-economic-performance-
since-2012
- GDP up 4.0% in Q4 of 2017
https://www.bangkokpost.com/news/general/1414543/gdp-up-4-0-in-q4-of-2017

philippines
- Philippine Energy Plan 2017-2040
https://www.doe.gov.ph/sites/default/files/pdf/announcements/acd_15_phil_energy_plan_2017-2040.pdf
- Southeast Asia Energy Outlook - 2017
https://www.iea.org/publications/freepublications/publication/WEO2017SpecialReport_SoutheastAsiaEnergyOutlook.pdf
- Summary of Installed Capacity, Dependable Capacity, Power Generation and Consumption
https://www.doe.gov.ph/sites/default/files/pdf/energy_statistics/01_2017_power_statistics_as_of_30_april_2018_summary_05092018.pdf
- BP statistical review of world energy 2017
https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review-2017/bp-statistical-review-of-world-energy-
2017-full-report.pdf
- Philippine Solar Energy Market - Growth, Trends and Forecast (2018 - 2023)
https://www.mordorintelligence.com/industry-reports/philippines-solar-energy-market
- 8 solar projects worth P86B get BOI perks
http://business.inquirer.net/247597/8-solar-projects-worth-p86b-get-boi-perks
- BOI Approves 8 Solar Projects Worth P86 B of One Company
https://www.doe.gov.ph/energist/boi-approves-8-solar-projects-worth-p86-b-one-company
- Solar Power Industry in the Philippines
https://www.aseanbriefing.com/news/2017/06/27/solar-power-industry-philippines.html
- Solar Philippines to build 1 GW by 2018
https://www.pv-magazine.com/2017/07/21/solar-philippines-to-build-1-gw-by-2018/
- Accelerating renewable mini-grid deployment: A study on the Philippines
http://www.irena.org/publications/2017/Oct/Accelerating-renewable-minigrid-deployment-in-the-Philippines
- Philippine GDP grows by 6.7% in 2017
https://www.rappler.com/business/194294-gross-domestic-product-philippines-q4-2017-economic-growth
- Philippines Country Report
http://www.eria.org/RPR_FY2015_No.5_Chapter_14.pdf
- PH power consumption up nearly 4% last year
http://www.manilatimes.net/ph-power-consumption-up-nearly-4-last-year/391431/

Malaysia
- Malaysia rating stable for next 2 years, concern over govt guarantee build-up
https://www.nst.com.my/business/2017/12/311404/malaysia-rating-stable-next-2-years-concern-over-govt-guarantee-build
- Statistical Data on Energy, Green Technology and Water
http://www.kettha.gov.my/portal/document/files/Penerbitan/Buku%20Poket%20Data%20KeTTHA%20170118.pdf
- World Bank raises Malaysia GDP 2018 forecast to 5.4pc
https://www.nst.com.my/business/2018/04/356345/world-bank-raises-malaysia-gdp-2018-forecast-54pc
- Malaysia awards 563MW of solar in second LSS auction
https://www.pv-tech.org/news/malaysia-announces-winners-of-second-lss-solar-auction
- TNB wins 30MW solar project in Malaysia
https://www.pv-tech.org/news/tnb-wins-30mw-solar-project-in-malaysia
- Pöyry wins contract for 29 MW Malaysian PV project
https://www.pv-magazine.com/2018/01/11/poyry-wins-contract-for-29-mw-malaysian-pv-project/
- BayWa r.e. wins 5MW project in Malaysia solar auction first round
https://www.pv-tech.org/news/baywa-r.e.-wins-5mw-project-in-malaysia-solar-auction-first-round
- Another 30 MW awarded in Malaysian solar auction
https://www.pv-magazine.com/2017/12/05/another-30-mw-awarded-in-malaysian-solar-auction/
- KLIA installs RM200mil solar power system
https://www.thestar.com.my/business/business-news/2014/01/28/country-first-rm200mil-airport-solar-power-system-launched/

35
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

- Announcement of Shortlisted Bidder

http://www.st.gov.my/images/article/industry/2017/LSS/Announcement_of_Shortlisted_Bidder_For_The_Development_LSSPV_
Plants_2019-2020_061217.pdf
- Malaysia awards 1,228MW projects
https://www.thestar.com.my/business/business-news/2018/04/11/malaysia-awards-1228mw-projects/
- Construction of TNB’s large scale solar project to start next month
https://www.nst.com.my/business/2017/06/245654/construction-tnbs-large-scale-solar-project-start-next-month
- Malaysia awards 563MW of solar in second LSS auction
https://www.pv-tech.org/news/malaysia-announces-winners-of-second-lss-solar-auction
- TNB signs PPAs for 180MW of solar projects in Malaysia
https://www.pv-tech.org/news/tnb-signs-ppas-for-180mw-of-solar-projects-in-malaysia
- ET Energy to build 61MW solar project for UiTM in Malaysia
https://www.pv-tech.org/news/et-energy-to-build-61mw-solar-project-for-uitm-in-malaysia
- Scatec Solar closes financing for 197 MW in Malaysia
https://www.scatecsolar.com/Investor/Stock-exchange-notices/Scatec-Solar-closes-financing-for-197-MW-in-Malaysia
- ET Energy to build 61 MWp solar project in Malaysia
https://www.pv-magazine.com/2017/11/16/et-energy-to-build-61-mwp-solar-project-in-malaysia/
- Six firms to generate 180 MW solar power in four states for TNB
https://www.thestar.com.my/business/business-news/2018/03/28/tnb-in-solar-power-deals/
- Evaluating the Performance of the Sustainable Energy Development Authority (SEDA) and Renewable Energy Policy in Malaysia
https://penanginstitute.org/wp-content/uploads/2018/06/Evaluating-the-Performance-of-SEDA-and-RE-Policy-in-Malaysia_PI_Dar-
shan_5-June-2018.pdf
- Malaysia Solar Photovoltaic Market Outlook 2017/2018
http://www.snec.org.cn/Download.aspx?dir=SNEC2017-Presentation+Slides%5C12-Industry+Workshop+on+Global+PV+Market&-
file=12-K.+K.+Kong.pdf
- Tien Ching, UMILE to invest in 49 MW floating PV in Malaysia
https://www.pv-magazine.com/2017/03/30/tien-ching-umile-to-invest-in-49-mw-floating-pv-in-malaysia/
- Solar Photovoltaic (Large) Project Development in Malaysia
http://re-guidelines.info/uploads/tech_files/RE%20Guidelines%20on%20Solar%20PV%20Large%20Malaysia_Sept%202016.pdf

Indonesia
- Indonesia inaugurates its first three solar plus storage mini-grids
https://www.pv-magazine.com/2018/06/14/indonesia-inaugurates-its-first-three-solar-plus-storage-mini-grids/
- ADB finances its first utility-scale PV plant in $160 million deal
https://www.pv-magazine.com/2018/05/24/adb-finances-its-first-utility-scale-pv-plant-in-160-million-deal/
- Loans Worth $40 Million Will Spur First Utility-Scale Solar for Indonesia
https://www.renewableenergyworld.com/articles/2018/05/loans-worth-40-million-will-spur-first-utility-scale-solar-for-indonesia.html?c-
mpid=enl_rew_solar_energy_news_2018-06-02&pwhid=817908c6cff9b027dd379dba9cd95fe8d5c821620f36a63e73d59c60160a8c6b-
75884f8a85c6a605bb51807da109437f2430280086578c4d85bbf1da8b4140c8&eid=402281478&bid=2123900
- Indonesia may achieve renewables target, but still favors coal for power
https://news.mongabay.com/2018/03/indonesia-may-achieve-renewables-target-but-still-favors-coal-for-power/
- Investing in Hydro and Solar Power in Indonesia
https://emerhub.com/indonesia/investing-hydro-solar-power-indonesia/
- Indonesia’s energy market 2016
https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review-2017/bp-statistical-review-of-world-ener-
gy-2017-indonesia-insights.pdf
- Indonesia’s energy market 2017
https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review/bp-stats-review-2018-indonesia-insights.pdf
- BP Statistical Review 2018
https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review/bp-stats-review-2018-full-report.pdf
- Power in Indonesia
https://www.pwc.com/id/en/energy-utilities-mining/assets/power/power-guide-2017.pdf
- Renewable Energy Prospects: Indonesia
http://www.irena.org/-/media/Files/IRENA/Agency/Publication/2017/Mar/IRENA_REmap_Indonesia_report_2017.pdf
- Indonesia Energy Outlook 2016
https://www.esdm.go.id/assets/media/content/content-indonesia-energy-outlook-2016-versi-inggris-my33nxb.pdf
- 2017 Handbook of Energy & Economic Statistics of Indonesia
https://www.esdm.go.id/assets/media/content/content-handbook-of-energy-economic-statistics-of-indonesia-2016-lvekpnc.pdf
- 2016 Handbook of Energy & Economic Statistics of Indonesia
https://www.esdm.go.id/assets/media/content/content-handbook-of-energy-economic-statistics-of-indonesia-2017-.pdf

Myanmar
- Energy security concerns rising for South-east Asia: IEA
https://ie.enterprisesg.gov.sg/Venture-Overseas/Browse-By-Market/Asia-Pacific/Myanmar/News/mc/News/2017/10/Energy-security-con-
cerns-rising-for-South-east-Asia--IEA
- Citi and StanChart set to advise Myanmar on first credit rating
https://www.reuters.com/article/us-myanmar-rating/citi-and-stanchart-set-to-advise-myanmar-on-first-credit-rating-idUSKCN0P-
R01U20150717

36
Facts & Figures SOLAR Energy
SOUTHEAST ASIA 2018

- Myanmar Global Climatescope 2017

http://global-climatescope.org/en/country/myanmar/#/enabling-framework
- Energy Guide 2018
https://www.ccifrance-myanmar.org/sites/ccifrance-myanmar.org/files/resources-documents/energy_guide_2018.pdf
- Current Status Of Myanmar’s Energy Statistics
https://unstats.un.org/unsd/energy/meetings/2017a/7.3.pdf
- MYANMAR - Energy Sector Assessment, Strategy and Roadmap
https://www.adb.org/sites/default/files/institutional-document/218286/mya-energy-sector-assessment.pdf
- Promoting Rural Electrification in Myanmar
https://www.giz.de/en/worldwide/42922.html
- The weekend read: Myanmar’s solar lifeline
https://www.pv-magazine.com/2018/01/20/the-weekend-read-myanmars-solar-lifeline/
- Work on 220 MW Myanmar PV project underway
https://www.pv-magazine.com/2017/11/21/work-on-220-mw-myanmar-pv-project-underway/
- Myanmar National Electrification Project
http://documents.worldbank.org/curated/en/208731501056225232/pdf/ITM00267-P152936-07-26-2017-1501056221641.pdf
- Off-Grid Solar in Myanmar – Vast Opportunities in a Challenging Market
https://www.gogla.org/about-us/blogs/off-grid-solar-in-myanmar-vast-opportunities-in-a-challenging-market
- Promoting Rural Electrification in Myanmar
https://www.giz.de/en/worldwide/42922.html
- Accelerating Rural Electrification in Myanmar
https://www.rockefellerfoundation.org/blog/accelerating-rural-electrification-myanmar/
- Myanmar to double electricity capacity by 2021 to fill power shortages
https://www.reuters.com/article/myanmar-electricity/myanmar-to-double-electricity-capacity-by-2021-to-fill-power-shortages-idUSL4N-
1PQ2UM

Vietnam
- Vietnam Solar Deal Transaction Outlook - Movement in Vietnam’s PV Market with 6 PPAs Signed
https://www.linkedin.com/pulse/vietnam-solar-deal-transcation-outlook-movement-vietnams-wendy-xia/
- Renewables in Vietnam: Current Opportunities and Future Outlook
http://www.vietnam-briefing.com/news/vietnams-push-for-renewable-energy.html/
- Is Pumped Storage hydroelectric Power Right for Vietnam?
http://documents.worldbank.org/curated/en/565671508913149200/pdf/120674-BRI-PUBLIC-24-10-2017-14-23-31-LWLJOKR.pdf
- Univergy to develop 44.4MW solar project in Vietnam
https://www.pv-tech.org/news/univergy-to-develop-44.4mw-solar-project-in-vietnam
- Moody’s and S&P affirms Vietnam’s sovereign rating
http://english.vietnamnet.vn/fms/business/177609/moody-s-and-s-p-affirms-vietnam-s-sovereign-rating.html
- Sunseap begins construction of 168MW Vietnam solar project
https://www.pv-tech.org/news/sunseap-begins-construction-of-168mw-vietnam-solar-project
- Two large-scale Vietnam solar projects underway from PEN-VN and Conergy
https://www.pv-tech.org/news/pen-vn-starts-constructing-13mw-solar-project-in-vietnam
- Vietnam Energy Outlook Report 2017
https://ens.dk/sites/ens.dk/files/Globalcooperation/Official_docs/Vietnam/vietnam-energy-outlook-report-2017-eng.pdf
- Vietnam- Climatescope
http://global-climatescope.org/en/country/vietnam/#/enabling-framework
- Sterling and Wilson to develop 300 MW of solar in Vietnam
https://www.pv-magazine.com/2018/04/10/sterling-and-wilson-to-develop-300-mw-of-solar-in-vietnam/
- Sterling and Wilson plans to build 300MW of solar projects in Vietnam
https://www.pv-tech.org/news/sterling-and-wilson-plans-to-build-300mw-of-solar-projects-in-vietnam
- Sunseap to partner with InfraCo Asia to develop 168 MW solar plant in Vietnam
https://www.pv-magazine.com/2018/02/14/sunseap-to-partner-with-infraco-asia-to-develop-168-mw-solar-plant-in-vietnam/
- JGC to build 49MW solar project in Vietnam for TTC Group
https://www.pv-tech.org/news/jgc-to-build-49mw-solar-project-in-vietnam-for-ttc-group
- Thailand’s Gulf Energy plans 48MW Vietnam solar project with TTC
https://www.pv-tech.org/news/thailands-gulf-energy-plans-48mw-vietnam-solar-project-with-ttc
- Sunseap JV gets green light for 168MW solar project in Vietnam
https://www.pv-tech.org/news/sunseap-jv-gets-green-light-for-168mw-solar-project-in-vietnam

Disclaimer: This overview is provided by Solarplaza International BV (“Solarplaza”) as a service to its customers on an “as-
is, as-available” basis for informational purposes only. Solarplaza assumes no responsibility for any errors or omissions
in these materials. Solarplaza makes no commitment to update the information contained herein. This overview is
protected by copyright laws, and may only be reproduced, republished, distributed, transmitted, displayed, broadcast
or otherwise exploited in any manner only by accrediting Solarplaza as the source of it and providing a full hyperlink to
https://asia.unlockingsolarcapital.com where it was originally published.

37
 UPDATED
Facts & Figures
SOLAR Energy
SOUTHEAST ASIA 2018

singapore | thailand |
philippines | malaysia | myanmar |
Indonesia | vietnam

UNLOCKING SOLAR 1-2 NOVEMBER 2018

CapitaL ASIA https://asia.unlockingsolarcapital.com
/// SINGAPORE
& FINANCIAL SUMMIT