Phuan was named EDP Renewables’ Asia Pacific business chief executive in 2022, when it acquired Sunseap, the Singapore solar firm he co-founded, to enter the regional market.
Prior to his departure, which EDP Renewables APAC confirmed on Tuesday, Phuan was serving as the renewables giant’s executive director of cross-border and strategic ventures. He will be leading a spin-off entity from EDP Renewables’ cross-border renewable energy initiative known as Equator Renewables Asia, which was incorporated in March.
In response to media queries, an EDP Renewables APAC spokesperson told Eco-Business that there are currently no plans to fill Phuan’s vacated position in the management team. However, he will be joining the firm’s advisory board, “ensuring continuity and ongoing collaboration,” she said.
The spokesperson said that Equator Renewables Asia has become “fully independent from the parent company since its incorporation.” She confirmed that EDP Renewables APAC does not hold any equity stake in the venture.
The spokesperson also clarified that the firm’s Indonesia-Singapore cross-border project will be subsumed under the fully independent venture “as part of business focus realignment” for “long-term value creation” in the region.
It remains unclear who the other founding team members of Equator Renewables Asia are, though its website describes them as “experienced energy professionals with regional expertise.” Eco-Business has reached out to Phuan for more details.
In 2023, EDP Renewables APAC was one of the five companies that the Singapore government awarded a conditional approval – the first of the three milestones in the tender process – to import clean power from Indonesia to meet the city-state’s target to procure 6 gigawatts (GW) of low-carbon electricity from the surrounding region by 2035.
Last year, all five entities – which include Pacific Medco Solar Energy, Adaro Solar International, Vanda RE and Keppel Energy – were granted conditional licenses, after securing the necessary regulatory approvals and financing for their projects. In May, the republic gave out its sixth conditional licence to a joint venture between pulp and paper giant Royal Golden Eagle (RGE) and French oil major TotalEnergies.
Beyond cross-power energy deals with Indonesia, Singapore-based Equator Renewables Asia will explore additional regional opportunities, according to the spokesperson. Checks by Eco-Business found that the firm already has projects in Cambodia, China, Japan, Malaysia, Taiwan, Thailand and Vietnam. Apart from Indonesia, it is also developing projects in Australia and the Philippines.
Last month, the newly incorporated firm pledged to invest US$22 billion in Indonesia’s Green Economy Corridor in the Riau Islands, alongside other power developers Keppel, Vanda RE and Gurin Energy. Listed as one of the Indonesian president’s 77 national strategic projects, the plan involves the construction of large-scale solar power plants in Batam, Bintan and Tanjung Pinang to supply clean energy to Singapore.
“The decision aligns with EDP’s sharpened business strategy, which emphasises capital discipline and prioritisation of projects that meet the company’s risk-return and capital allocation frameworks,” the spokesperson said. “While the cross-border project remains a transformative opportunity for Singapore’s energy future, its evolving development profile calls for a more agile and specialised platform to unlock its full potential.”
Last month, Eco-Business reported that EDP Renewables axed jobs in its Asia Pacific headquarters of Singaporeamid a pivot to more mature regional markets – namely Australia, Japan and Taiwan. The company also has a presence in Indonesia, South Korea, Malaysia and Vietnam.
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