Singapore’s WEnergy Global, ICMG Partners and Japan’s TEPCO-PowerGrid working together on a US$100 million Fund for Clean Energy Projects in SEA
Plans to build a microgrid project portfolio in the Philippines, Indonesia and Myanmar within 3-4 years
First project under management will operate in the Philippines
Tokyo/Singapore (22 January 2019) – Singapore’s WEnergy Global Pte Ltd, ICMG Partners Pte Ltd and Greenway Grid Global (GGG) Pte Ltd, an investment company with Japan’s Tokyo Electric Power Company PowerGrid Inc (TEPCO-PG) as one of the major shareholders, said today that they have formed a Singapore-based investment entity of US$60 million. This entity will finance and operate renewable energy projects in Southeast Asia, of which US$20 million has been made available for short term deployment.
This newly formed Singapore company, CleanGrid Partners Pte Ltd, aims to build and manage a portfolio of electrification projects valued at about US$100 million within three to four years. WEnergy Global, one of the principal shareholders of the new company, has already set the stage by being an initiator for a microgrid project in Palawan in the Philippines, to be part of this electrification plan.
CleanGrid Partners Pte Ltd has three equal shareholders:
– WEnergy Global Pte. Ltd, a Singapore headquartered company that has taken on several public and private sector clean electrification projects in the region.
– ICMG Partners Pte. Ltd., a global management consulting firm with operations in Singapore, Tokyo, Shanghai and Silicon Valley, focused on achieving sustainable growth through intellectual capital management including corporate leadership development, corporate innovation and new business creation; and
– Greenway Grid Global Pte Ltd., based in Singapore and with TEPCO PowerGrid Inc. as one its main shareholders, aims to promote happiness and green growth in communities through tangible investments in microgrid projects within the SEA region and utilize the fields for incubation business and human resource development.
CleanGrid Partners is a first for Greenway Grid Global, set up in 2018 as it will inject its technical knowhow and research & development strengths into the new company which is solely focused on Southeast Asia.
WEnergy Global, set up in 2012, is a Singapore engineering and investment company largely focused on identifying, designing, building and operating renewable energy microgrids in Southeast Asia.
ICMG Partners aims to bring in new global corporate leaders and innovative technologies in order to enhance the electrification throughout Asia. The company is fully equipped to bring partners from different sectors and countries together to address regional and global challenges with new business models and structures.
Several other projects in the Philippines, Indonesia and Myanmar are already in the pipeline. CleanGrid Partners is aiming at enabling a rapid replication of the Palawan project in several other places in Southeast Asia to meet the demand for off-grid and decentralised electrification. In Singapore, the partners aim at engagements in smart micro-grids at industrial estate level.
Mr Atem S. Ramsundersingh, CEO of WEnergy Global, said: “Much has been researched and documented by WEnergy Global about the lack of access to electricity in ASEAN. Having worked with financial institutions, multilateral agencies and national power companies, WEnergy Global knows that the problem of a lack of access to electricity remains a chronic problem in the region. The near-term solution that delivers on immediate on-the-ground benefits is to build, own and operate smart micro-grids for off-grid electrification, which most multilateral agencies, investment companies and mega power companies are reluctant to embark on. Our new partnership will combine WEnergy Global’s on-the-ground knowledge and pioneer’s experience in ASEAN with the best-of-breed smart technologies that the likes of TEPCO-PowerGrid already owns.”
Mr. Gen Funahashi, Director of ICMG Partners: “We believe that investors, development and commercial banks and technology manufacturers worldwide must address the challenge to electrify the one billion people on our planet who have no or little access to electricity – of which over 100 million people live in Southeast Asia. We can make an impact by leveraging on the best available intellectual capital and transforming the management mindset of companies and governments to bring innovative clean energy solutions to this part of the world”.
Mr. Shinichi Imai, TEPCO PowerGrid’s Managing Director of International Business Development Unit and Greenway Grid Global Chairman, said: “Collectively, the Group aims to contribute to achieving the Sustainable Development Goals (SDGs) and the targets set in the Paris Agreement for Climate Change through innovation.”
Mr. Yoshinori Kaneko, President of TEPCO PowerGrid, said: “Utilizing the technology and knowledge gained in the transmission and distribution sector in Japan, we promote investment in smart power infrastructure that brings vitality to the global community for green growth.”
About the Investors
- About WEnergy Global Pte Ltd
WEnergy Global Pte Ltd is a Singapore based company that is active in the development, EPC and ownership of RE-hybrid power projects. The company has a strong focus on 24/7 RE-hybrid power systems for off-grid areas and working on further innovations in the hybridization of power generation systems, such as the use of tidal power in addition to solar PV to further reduce diesel consumption and push for a 100% renewable energy driven system. WEnergy Global has developed business and financial models that are able to evaluate investments in RE-infrastructure under different regulatory and fiscal frameworks in the ASEAN region. The company also brings in skills for multi-stakeholders engagement to manage complex RE-infrastructure projects in all stages of the project cycle.
For more information, refer to www.wenergyglobal.com.
- About ICMG Partners Pte Ltd
ICMG Partners Pte Ltd is a leading management consulting company based in Singapore with ICMG Group’s global footprint in Tokyo, Shanghai, Bangalore and Silicon Valley. ICMG focuses on corporate leadership development, corporate innovation and new business creation driven by intellectual capital management to achieve sustainable growth in emerging and globalising markets for clients including major Tokyo Stock Exchange listed companies. In September 2018, ICMG led a joint program, “ICMG Corporate Innovation Summit”, with a Singapore government agency for the SWITCH (Singapore Week of Innovation & Technology) event including ICMG clients and Singapore’s cutting-edge venture companies.
For more information, refer to
SG website https://www.icmg.com.sg/en/
Japan website https://www.icmg.co.jp/en/
- About Greenway Grid Global Pte Ltd
Greenway Grid Global (GGG) Pte Ltd is a special investment vehicle of TEPCO-PG, Chubu Electric Corporation and ICMG, all three parent companies from Japan. The GGG is based in Singapore given the possibilities for outreach to the ASEAN region, while benefiting from the innovation platforms and knowledge networks in Singapore. GGG is aiming at engaging in companies that are innovation oriented in the entire spectrum of energy, from power systems to eVehicles to the use of Internet of Things that improve relations with consumers and producers of energy.
- About TEPCO PowerGrid
TEPCO PowerGrid Inc. is operating the largest power grid in Japan, serving 29 million customers and with a power disruption of 6 minutes per year on average, making it one of the world’s best performing grid operators.
For more information, refer to: http://www.tepco.co.jp/pg/