Singapore-based utilities organisation SP Group (SP) and Banpu NEXT of Thailand will be collaborating on the development of sustainable energy and smart city solutions across Thailand and the Asia Pacific.
The partnership will consolidate the expertise and strengths of both companies in clean and sustainable energy solutions to drive urban decarbonisation efforts in the region. Furthermore, the partnership is formed in anticipation of huge market uptake of clean energy solutions in the region in the next five years.
According to latest market research, the global clean energy market is expected to reach US$1,977.6 billion by 2030 and the Asia-Pacific region estimated to have the highest share of the market over the next decade with a compounded annual growth rate of 9.6% annually.
With their latest partnership, SP Group and Banpu Next will explore the applications of district cooling systems, cross-border renewable energy certificates (RECs) platform and smart city solutions to support the development of sustainable and smart energy cities in the region.
"Banpu NEXT and SP Group share a similar vision to popularize clean energy and offer tech-driven smart energy solutions for sustainability to enhance business and economic development and contribute to sustainable betterment of people's lives,” said Somruedee Chaimongkol, chief executive officer of Banpu PCL and Banpu NEXT.
Banpu NEXT specialises in providing smart energy solutions in Asia-Pacific. It technology portfolio cuts across smart data analytics, smart energy generation, smart energy storage, smart energy utilisation, and smart circular economy. The company has solar farms in China, Japan, the United States, and Australia; wind farms in Vietnam; energy storage business in Singapore; and smart city development projects in Thailand's Phuket and Chonburi provinces.
Collaborating with SP Group, the company expects to further explore business opportunities across the region in three key areas: energy management service for district cooling systems, cross-border renewable energy certificates platform, and smart city development.
“These three areas of collaboration are aimed at achieving more efficient management of clean energy across system design and development to bring even better results in energy efficiency to customers of both partners. The customers can therefore expect lower energy costs, higher profits, and better economy of scale. By combining the expertise of Banpu NEXT in clean energy solution and digital platform designs with region-wide business network of SP Group, we will add new strengths to the businesses of both partners,” said Chaimongkol.
Combined with Banpu NEXT's large, diversified portfolio of sustainable energy businesses and ground-breaking projects in renewable energy, energy storage systems, energy management system, smart energy solutions, and smart cities and campuses, the strategic partnership will strengthen both companies' clean energy ambitions. This includes an enhanced business ecosystem, new competitive advantages, expanded business network and more extensive regional portfolios, to meet the clean energy demands of the future.
"We are pleased to partner Banpu NEXT to support the clean energy ambitions of Thailand and the Asia Pacific region. Our combined expertise in developing and implementing smart and clean energy solutions will offer cities and districts more low-carbon, high-efficiency solutions to support their sustainable growth. Contributing to the region's clean energy transition is also integral to our vision of empowering the future of energy and building a sustainable future for all,” said Stanley Huang, group chief executive officer of SP Group.
SP Group designed, built, and operates the world's largest underground district cooling network in the Marina Bay district, Singapore which has been in operation since 2006, powering buildings in the district with an energy efficient air-conditioning solution to save energy and cost.
SP's district cooling expertise and technology have since been adopted for Raffles City Chongqing in China – an iconic integrated development comprising a shopping mall, a hotel, office towers and residences. SP also launched one of the world's first blockchain powered RECs platform to help customers achieve their sustainability goals by ensuring that the electricity they consume comes from renewable sources.