Asya is home to some of the world's most dynamic and fast-growing economies, and this is reflected in the energy sector. Countries across the region are investing heavily in new energy projects to meet their growing demand for power, while also transitioning to cleaner and more sustainable sources of energy.
This blog post focuses on the latest and most notable new energy projects in Asia that were announced in the 3rd, 4th, and 5th months of 2024. These projects are still in the early stages of development and are expected to start construction in the coming months or years.
Solar:
India:
Adani Green Energy has announced plans to invest $1.1 billion in a massive 2 GW solar power park in Rajasthan. The project is expected to start construction in late 2024 and be completed by 2026.
ReNew Power has signed a power purchase agreement (PPA) to build a 750 MW solar power plant in Madhya Pradesh. The project is expected to start construction in late 2024 and be completed by 2026.
China:
China National Bluestar Group has announced that it will start construction on a 1 GW solar power project in Gansu. The project is expected to start construction in Q4 2024 and be completed by 2026.
JinkoSolar has signed a contract to build a 500 MW solar power project in Qinghai. The project is expected to start construction in 2025 and be completed by 2027.
Japan:
Tokyo Gas has formed a joint venture to develop a 100 MW floating solar power project in Okinawa. The project is expected to start construction in late 2024 and be completed by 2026.
SoftBank Group has announced plans for a 200 MW rooftop solar power project in Kyushu. The project is expected to start construction in 2025 and be completed by 2027.
Wind:
Vietnam:
Ørsted has signed a memorandum of understanding (MOU) to develop a 1 GW offshore wind power project in Quang Ninh. The project is expected to start construction in Q4 2024 and be completed by 2028.
Powering Vietnam has won a tender to build a 400 MW onshore wind power project in Soc Trang. The project is expected to start construction in 2025 and be completed by 2027.
China:
China Three Gorges Corporation has signed an investment agreement for a 2 GW offshore wind power project in Jiangsu. The project is expected to start construction in late 2024 and be completed by 2028.
Siemens Gamesa has received an order for 500 MW of wind turbines for an onshore wind power project in Liaoning. The project is expected to start construction in 2025 and be completed by 2027.
India:
Adani Green Energy has won a tender to build a 1 GW wind power project in Gujarat. The project is expected to start construction in 2025 and be completed by 2027.
Greenko Group has invested in a 600 MW wind power project in Rajasthan. The project is expected to start construction in Q4 2024 and be completed by 2026.
Hydropower:
Nepal:
The Nepal Electricity Authority (NEA) has issued a tender for the construction of a 140 MW hydropower project in Dolakha. The project is expected to start construction in 2025 and be completed by 2027.
China Three Gorges Corporation (CTG) has completed construction of a 120 MW hydropower project in Rasuwa. The project is expected to start generating electricity in 2024.
Pakistan:
The Water and Power Development Authority (WAPDA) of Pakistan has issued a tender for the construction of a 300 MW hydropower project in Khyber Pakhtunkhwa. The project is expected to start construction in 2025 and be completed by 2028.
China Gezhouba Group Corporation (CGGC) has completed construction of an 80 MW hydropower project in Gilgit-Baltistan. The project is expected to start generating electricity in 2024.
Bhutan: Bhutan is committed to developing a clean and sustainable energy future, and these new projects will play an important role in achieving this goal.
The Druk Power Corporation (DPC) is exploring the potential for several new energy projects, including:
Small hydropower: Bhutan is a world leader in small hydropower development, and the DPC is planning to build several new small hydropower plants in the coming years. These projects will help to meet Bhutan's growing demand for electricity and provide clean energy for export to neighboring countries.
Solar: Bhutan has a high potential for solar energy development, and the DPC is conducting feasibility studies for several new solar power projects. These projects could help to diversify Bhutan's energy mix and reduce its reliance on hydropower.
Biogas: Bhutan is also exploring the potential for biogas development, which could provide a clean and renewable source of energy for rural communities. The DPC is working with development partners to pilot biogas projects in different parts of the country.
Geothermal:
Indonesia:
Pertamina Geothermal Energy (PGE) has announced plans to develop a new 120 MW geothermal power plant in West Java. The project is expected to start construction in 2025 and be completed by 2028.
Indonesia is also exploring the potential for geothermal development in eastern Indonesia, with several projects in the early stages of exploration.
Philippines:
Energy Development Corporation (EDC) has secured financing for a new 50 MW geothermal power plant in Leyte. The project is expected to start construction in 2024 and be completed by 2026.
The Philippines is also looking to attract foreign investment in geothermal development, with several new projects in the pipeline.
Japan:
Japan continues to be a leader in geothermal technology, with several innovative projects under development. J-POWER is exploring the use of enhanced geothermal systems (EGS) to increase geothermal energy production in Hokkaido.
Nuclear:
Bangladesh:
The construction of the Rooppur Nuclear Power Plant in Bangladesh is progressing on schedule. The first unit of the plant is expected to be operational in 2027.
Vietnam:
Vietnam is considering the development of its first nuclear power plant. The government is currently conducting feasibility studies for potential sites.
Hydrogen:
South Korea:
South Korea is investing heavily in hydrogen energy, with several projects aimed at developing hydrogen production, storage, and transportation technologies. Hyundai Motor Group is developing hydrogen fuel cell electric vehicles (FCEVs) and plans to build a network of hydrogen refueling stations.
Japan:
Japan is also a leader in hydrogen technology, with several companies developing hydrogen fuel cells and electrolyzers for hydrogen production. The Japanese government is supporting the development of a hydrogen economy, with plans to build a network of hydrogen refueling stations.
Grid Modernization:
Many Asian countries are investing in grid modernization projects to improve the efficiency and reliability of their electricity grids. This is essential for integrating renewable energy sources into the grid and ensuring a stable supply of electricity.
The Asian Development Bank (ADB) is a major player in supporting grid modernization projects in Asia. The ADB is providing loans and technical assistance to help countries upgrade their grids and develop smart grid technologies.
