Singaporean IPP startup eyes USD 1bn of funds for wind, solar

Singaporean independent power producer Athein, a platform formed by four Southeast Asian companies, will seek to raise USD 1 billion (EUR 939.4m) in the next three years to finance its gigawatt-scale pipeline of wind and solar projects.

The joint venture between Vietnam-based ATAD Steel Structure Corporation, Hexagon Holdings, Inpos Ltd and powered infrastructure provider Invenic Inc said last week it has 2 GWp of operating capacity and projects under development in its portfolio. These assets are located in Australia, India, the Philippines and Vietnam.

"Despite the fading subsidies for clean energy, despite the current economic turmoil - the inflation rates, the volatile currencies, the supply chain and logistics bottlenecks, 2023 will be another record year for capital deployment in green power,” said Athein's co-founder and CEO Milan Koev.

The Singaporean firm noted that demand in the renewable energy market is growing in the markets where it operates as businesses and households search for alternatives in the wake of the energy crisis.

Athein aims to have 1 GWp of renewable power capacity in operation by 2026 and 5 GWp by 2030.

(USD 1.0 = EUR 0.939)

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