Accelerating solar power transition across Asia Pacific

Solar

Accelerating the solar power transition across Asia Pacific

25 January 2021

Solar energy has become one of the most cost-effective sources of new power available1 and it is playing a major role in the decarbonisation efforts of markets across the Asia Pacific region.

GIG’s portfolio company Blueleaf Energy, is a leading solar development platform, specialising in the development and delivery of both commercial and industrial (C&I) and utility scale projects. It is currently developing approximately 3.4 GW of solar projects across the region.  

Opportunity

In key markets around the world GIG is building renewable energy development pipelines by acquiring and investing in development companies, forming joint ventures or developing projects directly.

As the global effort to decarbonise intensifies, countries and corporates across the Asia Pacific region are heeding the call and setting increasingly ambitious renewable energy targets. 

In parallel, the cost of utility-scale solar photovoltaic (PV) energy has fallen 82% since 2010, making it one of the cheapest sources of new power in most markets1.

With lower prices and a growing number of renewable energy commitments, the outlook for solar power has never been brighter. It’s estimated we’ll see an additional 893 GW of solar PV capacity and USD$691 billion invested across the Asia Pacific region by 20302

Blueleaf Energy is deploying its deep local expertise and market-leading development capabilities to meet this growing demand.

"GIG has built a 20 GW global solar development pipeline. Blueleaf Energy is our specialist platform for the delivery, and growth, of that pipeline across the Asia Pacific. We’re incredibly excited to be supporting Blueleaf’s expansion across the region, as it positions itself at the forefront of this rapidly-growing market."

Oliver Lewis
Senior Managing Director, Green Investment Group in Asia

Actions

With solar playing an increasingly important role in the Asia Pacific region’s green energy transition, in 2018, GIG acquired Blueleaf Energy. 

Blueleaf Energy’s deep understanding of the Asia Pacific’s renewable energy landscape, with its focus on quality, cost optimisation and best practice processes, has enabled the business to develop a strong track-record in the delivery of commercially successful solar assets. Its expert capabilities span the entire project lifecycle from development through to design, engineering, procurement, project delivery and technical asset management.

Over its 20-year history, the platform has developed, constructed and operated almost 2 GW of capacity across the globe, including over 500 MW in the Asia Pacific region. Blueleaf Energy now focuses its activities in Taiwan, South Korea, India, the Philippines, Vietnam and Malaysia, it’s also active across other markets in South East Asia.

“Blueleaf Energy’s deep local knowledge and strong project pipeline, backed by GIG's global customer base and resources, offers C&I and utility-scale customers an exciting opportunity to take control of their energy needs and achieve their decarbonisation objectives.”

Sol Proops
Interim CEO of Blueleaf Energy

Impact

Blueleaf Energy’s mission is to develop, deliver and operate safe, high quality, ethical solar energy projects, delivering a greener energy mix and lower power bills for its customers. 

Blueleaf Energy specialises in working with C&I partners to help them green their energy supplies and lower their electricity costs.

The platform has signed a 20-year power purchase agreement (PPA) with Bosch Malaysia to provide the technology and services company with clean solar energy for its production and warehouse facility in Penang, Malaysia. 

Most recently, Blueleaf Energy acquired a majority stake in Vibrant Energy, an expert in providing large scale ground mounted renewable energy solutions to C&I customers across India. The acquisition marks Blueleaf Energy’s entry into the Indian market, which is now the 3rd largest solar market in the world.

Through its portfolio companies and joint ventures, GIG now has a global solar development pipeline of over 20 GW across both utility scale and C&I projects.

Keep up to date with Blueleaf Energy’s latest projects and information here.

In December 2020, Blueleaf has announced reaching energisation of rooftop solar plant for Bosch in Penang, Malaysia.


Footnotes

1. IRENA (2020), Renewable Power Generation Costs in 2019
2. BloombergNEF New Energy Outlook 2020


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