Photo 1. Group Photo of Workshop Participants
Online, 8 September 2026 – The ASEAN Centre for Energy (ACE), supported by the UK Foreign, Commonwealth & Development Office (FCDO) through the ASEAN-UK Green Transition Fund (GTF), convened the second regional workshop as part of its ongoing Study on Innovative Business Model and Financing for Power Transmission Project in ASEAN. The event brought together representatives from ASEAN Member States (AMS), energy experts, development partners, and financial institutions to examine instruments for building bankable ASEAN Power Grid (APG) projects. Building from the first regional workshop, the discussions are focused on the assessment of alternative business models and its applicability in ASEAN context, as well as risk allocation and de-risking mechanisms to address barriers to bankability of ASEAN transmission projects.
Photo 2. Opening remarks by Nadhilah Shani, Head of Power Generation and Interconnection of ACE (Top), and Anna de Palma, ASEAN Climate, Environment and Agriculture Adviser of UK Mission to ASEAN (Bottom)
The workshop was opened by remarks from Nadhilah Shani, Head of the Power Generation and Interconnection (PIN) Department at ACE. She underscored the investment required for an interconnected region and recalled the First Regional Workshop where public-private partnership model examples in multiple international cases were explored.
The opening speech was also addressed by Anna de Palma, ASEAN Climate, Environment and Agriculture Adviser at Foreign, Commonwealth & Development Office at the UK Mission to ASEAN. She highlighted how the discussions in the study resonated with the experience in the UK where the country has gone through a major transformation in its electricity systems and the importance of strong regulatory framework and clear understanding of risk and return to call on private capital.
Photo 3. Scene setting presentation by Ignatius Primadi, Senior Research Analyst of PIN of ACE (Top), and Session 1 on Assessment of Alternative Business Models by KPMG Singapore (Bottom)
Setting up the discussion, Ignatius Primadi, Senior Research Analyst of PIN of ACE, presented the key findings from the First Regional Workshop which validated how bankability for transmission projects is not about the availability of capital but rather the structure and clarity of revenue, ownership, and risk.
The discussion continued with the second session on Assessment of Alternative Business Models by Wen Bin Lim and Chunting Li of KPMG Singapore. The session underscored that private capital can be mobilised under utility-led financing model through project finance by establishing a ring-fenced special purpose vehicle (SPV). Utility joint venture, independent transmission project (ITP) concession model, and independent power producer (IPP)-led dedicated link are also observed in the sessions for models that are most compatible within ASEAN context. During the Q&A session, participants examined the most applicable model for transmission projects in their respective countries.
The third session was delivered by Wen Bin Lim from KPMG Singapore, Sam Carter from MottMacDonald, and William Stroll from Pinsent Masons, which addressed the risk identification, allocation, and de-risking mechanisms for transmission projects. Wen Bin, William, and Sam outlined and explained the eight risks across a project lifecycle that could materially impact delivery, revenue certainty and debt repayment, namely: political commitment and policy stability, land and right-of-way, revenue certainty, currency and foreign exchange, construction cost and delay, environmental and social, supply chain, and technical design. A single de-risking mechanism would not suffice to intervene those risks, thus a coordinated combination of mechanisms is required for the project to reach financial close. Taking example from international experience, the Greenlink interconnector demonstrated the principle of regulated minimum revenue floor can still be replicated in ASEAN coupled with the willingness from the countries’ regulators.
Photo 4. Session 4 opened by Wen Bin Lim of KPMG Singapore (Bottom)
The last presentation delivered by KPMG Singapore and Pinsent Masons touched upon alternatives to the existing green taxonomy frameworks adopted by multinational development banks (MDBs) to widen the investment landscape for grid-to-grid transmission. Policy and institutional recommendations were also presented. Together with the online participants, the workshop explored which recommendations that must be prioritised in order to improve transmission projects bankability.
The study underscores ACE's commitment to supporting the AMS in advancing the APG, including by exploring pathways to mobilise private capital for cross-border transmission. Following the workshop, inputs from the AMS and participants will be incorporated into the final report, which is expected to be completed by December 2026. Then, the study will serve as a reference for the AMS in designing de-risking and financing frameworks for future APG interconnection projects. Moving forward, ACE will continue to facilitate regional collaboration with the AMS to accelerate the realisation of an integrated, sustainable and interconnected ASEAN.
