77 BUSINESS REVIEWS | YINSON RENEWABLES New Zealand Throughout 2023 we have continued to assess and secure greenfield wind energy opportunities. Our overall pipeline is becoming significant with several large-scale opportunities being investigated and taken forward. Our most advanced project, Pahiatua, which is located in the North Island, is expected to be submitted for planning consent this year. Malaysia We have continued to work closely with our joint venture partner, PXS, growing steadily in the commercial and industrial rooftop (C&I) space with around 10 MWp in operation and a further 16 MWp secured or in construction to be operational by end of 2024. In addition, we are exploring locations and identifying potential partners to position the company for upcoming large scale solar projects in Malaysia. India Our activities in India are conducted through our subsidiary, Rising Sun Energy. Our two operational projects, Rising Bhadla 1 & 2 Solar Parks, continue to perform well. This financial year has seen the latest addition to our portfolio, the 285 MWp Nokh Solar Park in Rajasthan. Indonesia Our activities in Indonesia are conducted through our subsidiary, Inecosolar. In 2023, we won our first Indonesian C&I project to supply Lazada Indonesia with solar energy from a 396 kWp rooftop system. This was followed with a 264 kWp solar system supplying Finusolprima. We continue to install domestic systems, and have 666 kWp in operation in Bali across a wide range of industries including off-grid, residential, hospitality and manufacturing. We also opened a new office in Jakarta to tap into the opportunities in that region. Decarbonisation is a common theme across Asia Pacific, but the pace and scale differ vastly due to varying levels of wealth, hydrocarbon reserves, political and regulatory conditions, and renewables potential. New Zealand already has a low-emissions electricity system, with a large proportion of its electricity coming from renewables (over 80%). The country’s long-term energy strategy to increase renewable energies will further drive decarbonisation and provide power for increased electrification on its pathway to net zero. This will galvanise the outlook for renewables activities even further. In South and Southeast Asia, most countries have committed to long-term plans for a more secure energy future, which include boosting clean energy technology. Such policies, together with intraregional and international support for the region’s transition, present promising opportunities for clean energy investors. ASIA PACIFIC Peru Peru is the first country in the region where we will have a project in operation. Project Matarani, which is a 97 MWp solar PV project, is expected to be commissioned by the third quarter of 2024. Following this, the first phase (54 MWp) of the 130 MWp Majes solar PV project is expected to be ready for construction before end 2024. Brazil In Brazil, two wind projects – Vicosa and Santa Clara, totalling 486 MW, located in the Ceará region, are being prepared to be ready for construction activities while we anticipate the outcome of the grid availability. Chile In Chile, two hybrid (solar + battery storage) projects with a total solar PV capacity of around 212 MWp are in the late stages of development. We expect at least one of these projects to reach ready-to-build stage by the end of 2024. Colombia A 118 MWp solar PV project in Colombia is expected to be awarded grid connection this year, after which the remaining development activities would be completed to be ready for construction. LATIN AMERICA Latin America has one of the cleanest electricity systems in the world. Roughly 60% of the region’s electricity today comes from renewable sources, and this is poised to grow to 80% by 2050 with today’s policy settings. While hydropower has historically been integral to Latin America’s energy mix, wind and solar will experience the highest growth in this region in the coming years. The cost competitiveness of renewables over other new energy sources anchors renewables as the preferred source of power generation.
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