EDP Renewables, the utility’s green energy arm, was in 10 Asian markets two years ago, but has since left several, including Indonesia, Thailand, Cambodia and South Korea, Miguel Fonseca, chief executive officer of EDPR’s APAC operations, told reporters. Some of these countries lacked regulatory maturity, clarity on permitting, credible counter-parties, and bankable price and scale, he said.
The move comes as Southeast Asia, a fast-growing, coal-heavy region, struggles to shake its dependence on fossil fuels and keep pace with the clean power rollout seen in other parts of the world. The Association of Southeast Asian Nations is set to miss its goal of having renewables make up 23% of the energy mix by 2025, as investment lags and bureaucratic hurdles persist.
“For different reasons, either more favouring local players or regulation that doesn’t really give us the visibility that we want to put 30-year investments, something hasn’t clicked yet,” said Vasconcelos. “But the potential is for sure there.”
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