The Asian Development Bank (ADB) and the Energy Market Authority of Singapore (EMA) have renewed their memorandum of understanding (MOU) for another three years to support the development of cross-border energy projects in the Association of Southeast Asian Nations (ASEAN), including those exporting electricity to Singapore.
Under the renewed MOU, ADB and the EMA will work together to address key barriers to scaling up the development of renewable energy generation and grid interconnector projects across Southeast Asia. Possible areas of cooperation include project bankability, risk allocation, complexities around technical aspects of subsea cable infrastructure, and financing. These efforts will help advance the vision of the ASEAN Power Grid—the regional bloc’s flagship initiative to connect national electricity networks and expand energy cooperation.
ADB Pledges $10 Bn For ASEAN Power Grid
ADB has pledged up to $10 billion over the next decade to the ASEAN Power Grid, including cross-border transmission, national grid projects, and renewable energy projects that will facilitate electricity trade across Southeast Asia.
More broadly, ADB is scaling up its support for regional connectivity. This month, ADB President Masato Kanda announced a new $70 billion push to connect power grids, expand cross-border electricity trade, and improve broadband access across Asia and the Pacific.
The EMA, a statutory body under Singapore’s Ministry of Trade and Industry, ensures a reliable and secure energy supply, promotes effective competition in the energy market, and supports the development of a dynamic and sustainable energy sector.
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
Leadership View
“It is a privilege to continue supporting the EMA and the Government of Singapore on one of Southeast Asia’s most consequential energy transition initiatives,” said ADB Vice-President for East and Southeast Asia, and the Pacific Scott Morris. “By tackling some of the most complex challenges in cross-border electricity trade, our partnership with Singapore—and other stakeholders in the region—is helping shape practical, enduring solutions that will benefit Southeast Asia.”
“Regional power interconnections are critical enablers in strengthening energy security and supporting decarbonization in Southeast Asia,” said EMA Assistant Chief Executive of the Energy Policy Division Chua Shun Loong. Through this partnership with ADB, we look forward to advancing the ASEAN Power Grid vision and accelerating the development of commercially viable cross-border electricity projects.”
