India’s richest man, Mukesh Ambani, who has run one of the world’s largest petroleum businesses for over two decades, yesterday announced that his company Reliance Industries, will invest 750 billion rupees ($10 billion) towards clean energy solutions over the next three years.
South Asia, which includes India, Pakistan, Sri Lanka, and Bangladesh, is slowly following the rest of the world in the transition towards cleaner energy systems. The subtle shift opens potentially large market opportunities for energy service suppliers.
Investments in Asia Pacific wind and solar power could double to $1.3 trillion over the current decade to 2030 compared with the period 2011-20, predicts Wood Mackenzie. However, in most Asian markets, subsidy-free renewable power will not be able to compete with coal power until 2025 or later, cautioned the energy research company.
Thailand's state-owned oil and gas group, PTT, will invest 20 billion baht ($635 million) in renewable energy in India, China and elsewhere in Asia, as it takes steps to shift from fossil fuels to cleaner energy sources.
Japanese trading conglomerate Mitsubishi Corporation will develop a massive onshore wind farm in Laos that will supply electricity to power-hungry Vietnam.
Hyundai Engineering has awarded Arup and Offshore Design Engineering (ODE) an engineering services contract for the 220 MW Anmado offshore wind project in South Korea.
The world’s fourth-largest wind power market is expected to add nearly 20.2 GW of new capacity between 2021 and 2025, according to the latest report from the Global Wind Energy Council (GWEC) and MEC Intelligence (MEC+).
Scottish offshore construction grouting firm FoundOcean has won a contract to provide the foundations for a 100-turbine offshore wind farm in Taiwan.
South Korea will launch its largest-ever solar photovoltaic (PV) tender in July when it will offer 2 GW of capacity. An extra 2GW could also be offered later this year.
Singapore-based energy developer Enterprize Energy is progressing its proposed 3.4 GW Thang Long wind project offshore Vietnam after hiring geo-data specialist Fugro to install floating LiDAR survey technology at the site to assess resource over its acreage.
Denmark-based renewable energy developer Ørsted and South Korean conglomerate POSCO have signed a memorandum of understanding to expand their relationship as the North Asian nation seeks to significantly boost its offshore wind capacity.
Denmark’s Ørsted, Japan Wind Development (JWD) and Japan’s Eurus Energy have formed a partnership with the aim of jointly developing offshore wind projects in the Akita Prefecture region in Japan.
Offshore services provider Global Maritime has won a contract with offshore wind developer Ørsted in Taiwan.
GE Renewable Energy and Toshiba Energy Systems and Solutions have made a strategic partnership agreement to develop local manufacturing of GE’s Haliade-X offshore wind turbine in Japan as the market is set to boom.
Korean National Oil Corporation (KNOC) said it will pursue its development plan for the nation’s first floating wind development after the 200MW Donghae-1 project passed a crucial feasibility study.
The offshore wind market in Asia is expected to experience massive expansion over the next five to 10 years, particularly in the more advanced economies of Taiwan, Japan and South Korea, as governments face increasing pressure to focus on climate change and hit their net-zero emissions targets.
Total is to acquire almost a quarter stake in an offshore wind development currently under construction off Taiwan.
Renewables now make up 37% of all power generation projects under construction in Asia, representing a 4% increase in share from the previous quarter, according to the latest IHS Markit Renewable Additions Index (RAI) for Asia Pacific. Although coal power projects remain strong despite climate pressure.
JERA, the largest power generation company in Japan, producing about 30% of the nation’s electricity, has opened an office in the city of Akita as a base for offshore wind projects off the coast of Akita Prefecture.
Japan's Ministry of Economy, Trade and Industry (METI) is considering proposals to lay subsea power cables to connect demand centres with offshore wind projects as part of a push to expand renewable energy projects in the country.
Law firm Allens has strengthened its market position in Vietnam with the appointment of Giles Cooper as a partner in the company's Hanoi office.
News that South Korea aims to build the world’s largest offshore wind farm by 2030 follows moves by major exploration and production companies to establish a foothold in the nascent market.
The floating offshore wind power market in Asia Pacific could offer investment opportunities worth up to $58 billion as a significant market for the technology is emerging, latest research from Wood Mackenzie shows.
Danish wind turbine maker Vestas - which last week announced it would build the world's largest offshore wind turbine - has appointed Purvin Patel as regional president Asia Pacific to bolster its presence and market position in the rapidly expanding markets in the region.
Coal-fired power generation is projected to surge in India as the expanding wave of renewable energy capacity cannot keep up with electrification growth in the South Asian country, home to the world’s second biggest population.