Frank Phuan Departs EDP Renewables APAC for Exciting New Venture

Key Takeaways

Phuan steps down as EDP Renewables APAC chief executive but will join the advisory board of Equator Renewables Asia.
Equator Renewables Asia has become independent from EDP Renewables and will focus on regional project expansion.
The firm plans to invest $22 billion in Indonesia’s Green Economy Corridor, aiming to produce clean energy for Singapore.

Leadership Transition at EDP Renewables APAC

Phuan was appointed as the chief executive of EDP Renewables’ Asia Pacific division in 2022, following the acquisition of the Singapore solar firm, Sunseap. Following his recent departure, EDP Renewables APAC confirmed that Phuan’s previous role will not be filled. Instead, he will transition to a position on the advisory board of Equator Renewables Asia, a spin-off formed from their cross-border renewable energy initiative.

According to an EDP Renewables APAC spokesperson, Equator Renewables Asia has achieved full independence since its incorporation in March and now operates without any equity stake from the parent company. The spokesperson highlighted that the Indonesia-Singapore cross-border project will now fall under this independent venture, as part of a strategic realignment focused on long-term regional value creation.

While details about the founding team of Equator Renewables Asia remain scarce, the firm is characterized as comprising skilled energy professionals with regional expertise. In 2023, EDP Renewables APAC was one of five companies granted conditional approval by the Singapore government to import clean power from Indonesia, contributing to the nation’s goal of securing 6 gigawatts (GW) of low-carbon electricity by 2035.

Besides the cross-border projects with Indonesia, Equator Renewables Asia is actively pursuing further regional opportunities. Investigations reveal that the company has initiated projects in several countries, including Cambodia, China, Japan, and Malaysia. Recent developments also indicate plans for projects in Australia and the Philippines.

In an ambitious move, the newly established Equator Renewables Asia has committed to investing $22 billion in the Green Economy Corridor of Indonesia’s Riau Islands. This initiative, recognized as one of the national strategic projects by the Indonesian president, will involve the construction of large-scale solar power plants to supply clean energy to Singapore.

The spokesperson emphasized that this investment strategy aligns with EDP’s refined business approach, which focuses on capital discipline and prioritizes projects that adhere to the company’s investment and risk frameworks. The evolving landscape of the cross-border project presents an opportunity that requires a more specialized platform to fully realize its potential.

Recently, EDP Renewables has made headlines for job cuts within its Asia Pacific headquarters in Singapore, a move seen as part of the company’s pivot toward more mature markets, particularly in Australia, Japan, and Taiwan. The company maintains operations in several other Asian markets, including Indonesia, South Korea, Malaysia, and Vietnam.

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