KETEP 세계에너지시장정보

Contents ............................................................................ 1

About ............................................................................... 2

Key highlights ...................................................................... 2

Executive summary ................................................................... 3

Chapter 1: State of bankability of ASEAN’s renewable energy projects ................ 9
  1.1 ASEAN has largely solved utility-scale project finance in several local markets .. 10
  1.2 Offtake risks, technical standards and tariffs remain challenges, and vary across markets .. 14

Chapter 2: Distributed renewable energy faces significant financing challenges ...... 16
  2.1 Transaction costs continue to constrain distributed solar development ......... 17
  2.2 Cheap finance can only partially close the gap to bankability, and larger projects gain more .. 18

Chapter 3: ASEAN’s next investment challenge is monetising flexibility and grid network value .. 23
  3.1 Battery storage remains constrained by limited revenue capture ................ 23
  3.2 Bankable grids need investment, financial guarantees and fewer tariff restrictions .. 27

Chapter 4: From financing renewable generation to financing the future of ASEAN energy systems .. 30
  4.1 Procurement and standards reform could improve utility-scale bankability across ASEAN .. 31
  4.2 Distributed solar projects call for financing beyond conventional tools and more inclusive policy support .. 32
  4.3 Revenue stacking is one of the highest-leverage policy reforms across ASEAN ... 34

Supporting materials ................................................................ 36
  Methodology ....................................................................... 36
  Acknowledgement ................................................................... 39