Asia's renewable energy trading volume tripled to $13.6 billion in 2021

According to the Voice of Energy report on February 24, the transaction volume of renewable energy assets in Asia more than tripled to $13.
6 billion in 2021, and the number of transactions increased by 53% year-on-year to 75
.
According to research firm Enerdatics, it is worth noting that large corporate mergers in the solar industry have driven significant increases
in value.

The biggest deal in the region was Adani's $3.
5 billion acquisition of SB Energy Holdings in
India.
The deal involves 1.
4 GW of operating solar capacity and 2.
7 GW of developing capacity
.
Another major acquisition was EDP Renewables' US$880 million acquisition of Singaporean solar developer Sunseap, which provides build, own and operate strategies
for rooftop, ground-mounted utility-scale and floating solar PV projects.
The company has 4.
8 GW of solar development pipelines
.

Enerdatics said the solar industry dominates the renewable energy M&A space in Asia, accounting for 66 percent of the region's total deal volume and 78 percent
of total deal volume in 2021.

According to Enerdatics, trading volume for portfolios under 50 MW will increase by about 50%
year-on-year in 2021.
Mohit Kaul, founder of Enerdatics, said this is driven by the need for renewable energy to meet residential electricity needs
.
In addition, falling installation costs and land availability constraints have also spurred the growth
of small community solar and rooftop PV projects.

Kaul added that favorable legislative initiatives in Southeast Asian countries such as India and Vietnam are also driving the expansion
of solar operations in Asia.
The Indian government has set an ambitious target of 280 GW of installed solar power by 2030
.
To achieve this, the country has implemented a $600 million incentive program to encourage the manufacture of solar devices, as well as capital subsidies, tax breaks and PPA guarantees
for small solar installations.
At the same time, Vietnam's renewable energy sector has become an attractive market
for international investors in recent years due to the lack of restrictions on the proportion of capital ownership in power generation assets.
In addition, a strong economic expansion is expected to lead to a significant increase
in the country's energy demand.
The country approved new solar incentives in 2021, including increased feedstock (tariffs) and the ability
of rooftop solar suppliers to sell electricity directly to commercial consumers.

Another major development, Eneratics noted, is the formation of strategic relationships with Southeast Asian countries such as Japan and South Korea, with the goal of developing large-scale offshore wind projects
。 Oil giants such as Equinor and Total Energies, private equity firms such as BlackRock, Copenhagen Infrastructure Partners and Macquarie, and experienced power companies such as SSE, Iberdrola and JERA have all formed joint ventures to establish a foothold in the region
。

The government's ambitions are driving the development of offshore wind projects in these countries, such as Japan's deployment of 10 GW of installed offshore wind capacity by 2030 and 30-45 GW of installed offshore wind capacity by 2040, including floating winds
.

Enerdatics said floating solar is another offshore deployment technology being explored, growing in popularity
in countries such as India, Singapore and Indonesia.
In July 2021, renewable energy company Sunseap partnered with Indonesian project developer BP Batam to create a 2.
2 GW floating solar project off the coast of Batam, making it the largest floating solar project
under development in the region.
In areas with limited land resources, encouraging the development of preferential clean energy is one
of the factors driving the rise of floating solar installations in Asia.