Singapore venture raises S$50m for Indonesia projects as cross-border solar deals face headwinds

Excerpt from eco-business.com

A new renewable energy developer founded by Frank Phuan has raised S$50 million (US$39 million) to build solar and green hydrogen infrastructure in Indonesia as regional efforts to export clean power to Singapore face regulatory barriers.

Equator Renewables Asia (ERA), established last year by the former co-founder of Sunseap Group, secured the funding from strategic investors including Indonesian agribusiness firm KPN Corporation and Singapore-based shipping company Tsao Pao Chee (TPC).

KPN and TPC contributed S$30 million (US$24 million) as key investors, with the remaining S$20 million (US$16 million) to come from Phuan and ERA’s management team.