EXECUTIVE BRIEF: Powering ASEAN’s Future
Why Interconnectivity Is Now the Region’s Most Strategic Energy Priority
The Energy Challenge in ASEAN
Southeast Asia is entering a decisive decade for energy. As economies shift into power- intensive sectors like data centers, advanced manufacturing, and digital services, electricity demand is skyrocketing. Regional consumption grew twice the global average in 2024 and is expected to double by 2050 (IEA).
However, renewable energy deployment is lagging, despite ASEAN’s vast natural resources. Without systemic reform, the region faces:
- Higher fossil-fuel imports
- Price volatility
- Rising energy-security risks
The Opportunity: Accelerating the renewable transition could add 2.6% to regional GDP annually, unlock US$4.8 trillion by 2050, and create 4.6 million renewable-energy jobs.
The ASEAN Power Grid (APG): A Game-Changer
The APG, first proposed in 1999, aims to interconnect national grids to improve energy security, lower costs, and unlock renewable potential. While progress has been slow, the Enhanced ASEAN Power Grid MoU (2025) and new financing commitments are reigniting momentum.
Key Barriers to Progress:
- Fragmented Governance: Differing national priorities and no central coordinating authority.
- Technical Standards: Varying grid codes and regulatory regimes.
- Financing Challenges: High capital requirements and complex commercial agreements.
- Market and Legal Gaps: Lack of regional electricity exchange frameworks and dispute resolution mechanisms.
Case Study: LTMS-PIP – A Prototype for Regional Integration
The Lao PDR–Thailand–Malaysia–Singapore Power Integration Project (LTMS-PIP) is a landmark initiative that demonstrates the feasibility of a multilateral ASEAN power grid.
Launched in 2022, it enables 300 MW of hydropower from Laos to flow through Thailand and Malaysia to Singapore using existing infrastructure.
How It Works:
- Generation: Hydropower from Laos is supplied via existing 230 kV lines to Thailand.
- Transit: Thailand transmits the power through its grid and uses its HVDC back-to- back link to pass electricity onward to Malaysia.
- Final Delivery: Malaysia relays the power to Singapore through established interconnections.
This physical chain is supported by a coordinated framework involving all four national utilities — EdL (Laos), EGAT (Thailand), TNB (Malaysia), and SP Group/Keppel Electric (Singapore). Each country aligned on technical protocols, wheeling arrangements, tariffs, and import licenses, proving that multilateral power trade can be both technically stable and commercially viable.
The LTMS-PIP serves as a pathfinder project for the ASEAN Power Grid, offering critical insights for future initiatives like the Brunei–Indonesia–Malaysia–Philippines Power Integration Project (BIMP-PIP).
However, future projects like the BIMP-PIP must address additional complexities:
- Infrastructure Development: Unlike the LTMS-PIP, which used existing grids, the BIMP-PIP will require new bidirectional grids, which can take 5–15 years to complete.
- Financing: The inclusion of financial institutions in governance structures could enhance bankability through tools like green bonds and sustainability-linked loans.
- Wheeling Charges: Transparent and standardized wheeling charges are essential to balance cost recovery and incentivize investment.
What’s New: Enhanced APG MoU and Financing Momentum
At the 43rd ASEAN Ministers on Energy Meeting (October 2025), member states committed to the Enhanced ASEAN Power Grid MoU, targeting full integration by 2045. Financing Breakthroughs:
- Asian Development Bank (ADB): US$10 billion over 10 years.
- World Bank: Initial US$2.5 billion, plus grants, guarantees, and risk insurance to attract private capital.
These funds address the US$750–800 billion needed for transmission lines, subsea cables, and digital infrastructure.
Why the ASEAN Power Grid Matters
If fully realized, the APG could transform the region:
- Energy Security: Reduced reliance on fossil fuels and greater resilience to price shocks.
- Economic Growth: Adds 6% to GDP annually and unlocks US$4.8 trillion by 2050.
- Industrial Competitiveness: Stable, affordable electricity attracts investment in power-intensive sectors.
- Job Creation: 6 million renewable-energy jobs.
- Environmental Impact: Higher renewable penetration helps meet climate targets.
- Rural Electrification: Expands access to underserved communities.
- Climate Resilience: Shared backup capacity mitigates extreme weather risk.
Skylight’s Perspective
Southeast Asia’s electricity demand is growing faster than almost anywhere else in the world. The Enhanced APG MoU and new financing commitments are critical steps forward, but success depends on collaboration:
- Harmonizing regulations across member states.
- Coordinating grid development to avoid fragmentation.
- Committing to long-term power-trading agreements.
Interconnectivity is a strategic test of ASEAN’s ability to act collectively. With disciplined cooperation, the region can unlock cheaper renewables, reduce fossil-fuel exposure, and secure the energy base for future industrial growth. Without it, the Enhanced APG risks becoming another fragmented initiative. With the right mix of financing, collaboration, and execution, ASEAN can power its future sustainably, securely, and competitively.
Latest Update
- Bosch Builds New Facility in GIIC
- Bosch, a global technology and services company, starts its construction of a new manufacturing facility in Greenland International Industrial Center (GIIC). This modular facility is designed as a product and service localization center that brings all Bosch business units under one This new factory will replace Bosch’s existing automotive components and electronic devices plant in Cikarang – Delta Silicon 3.
- Through the new facility, the company will produce electronic control units, engine cooling fans, windshield wipers, and Battery Management Systems (BMS), which is a high value-added components with advanced technology that monitor and control batteries in electric motor vehicles.
- The factory will be built on an 82,000 m2 site and will be developed in stages, with operational target in Its total investment will potentially reach up to IDR4.82 trillion (US$291.2 million).
- Bosch sees Indonesia as a potential investment destination due to its tech- savvy young population and stable economic growth.
- IDR5 Trillion PET Plastic Factory to be Built in Cilegon
- Lintas Citra Pratama (LCP), a Cilegon-based petrochemical investment company, is expanding its portfolio by developing a polyethylene terephthalate (PET) plant with a capacity of 720,000 tons per year. The project, valued at US$300 million (IDR5.01 trillion), will be built on land owned by its subsidiary, PT Merak Chemical Indonesia (MCCI).
- The new PET facility will enhance the value of Purified Terephthalic Acid (PTA)—the primary raw material for PET and various polyester products— while reducing Indonesia’s heavy reliance on PET PET is widely used for beverage bottles, food and personal-care packaging, textiles, and various industrial applications. The integration of PTA and PET production is expected to improve supply-chain efficiency from raw materials to finished products.
- LCP is currently undertaking the construction tender process. Project execution is targeted for the second half of 2026, with commercial operations expected to begin in 2028.
- Once operational, the facility is expected to significantly enhance Indonesia’s self-sufficiency in PET raw materials and reinforce its competitiveness in the Southeast Asian market.
- 4.7-Megawatt Peak Capacity Solar Panel has been Built to Support Krakatau Industrial Park
- PT Chandra Daya Investasi Tbk or CDI Group (CDIA), through its subsidiary PT Krakatau Chandra Energi (KCE), has officially started operating a new 7 megawatt-peak (MWp) solar power plant.
- The energy generated will directly support the electricity needs of the Krakatau Industrial Estate in Cilegon, Banten.
- This Ground-Mounted Solar Power Plant is one of CDI Group’s strategic projects that has successfully optimized land use by converting 5 hectares of non-productive area into green energy
- With a capacity of 4.7 MWp, this solar power plant is projected to reduce carbon emissions by up to 5,086.74 tons of CO2eq per year, equivalent to the absorption of more than 243 thousand trees
- This facility is designed to have high operational resilience and optimal energy efficiency, as it uses international standard solar panel and inverter technology, providing long-term benefits for industrial needs.
- Government Plans to Build an Integrated Cattle Farm in West and East Java
- The government is preparing to develop two large-scale, fully integrated cattle farms in East Java and West Java, with a total investment of approximately IDR 8 trillion (US$290.9 million).
- Each project is valued at IDR 4 trillion (US$145.5 million) and will operate as a complete upstream–downstream ecosystem, covering from feed production through to milk and meat processing.
- In East Java, the planned locations are Blitar Regency and Banyuwangi Regency, which together will accommodate around 67,000 head of cattle on a total area of 13 hectares.
- Next year, the government plans to import 200,000 pregnant cows to support these developments. This year, only 10,000 pregnant dairy heifers were successfully imported.
- This initiative is part of a National Strategic Project (PSN) aimed at strengthening domestic milk production, supporting the Free Nutritious Meals (MBG) program, and enhancing national food security.
- POSCO Group Acquires PT Sampoerna Agro Tbk
- The Sampoerna Group, through Twinwood Family Holdings Limited—its private investment arm—has sold its entire 721% stake in PT Sampoerna Agro Tbk (SGRO) to AGPA Pte. Ltd., a Singapore-based subsidiary of POSCO International Corporation, for US$566 million.
- AGPA Ltd., established by POSCO International as a palm-oil investment holding company, plans to expand its footprint by acquiring additional plantations and investing in palm-oil refining and biofuel processing facilities.
- POSCO International, part of South Korea’s POSCO Group, operates globally across trade, energy, steel, and agribusiness.
- In Indonesia, POSCO’s palm-oil operations have so far been managed by PT Bio Inti Agrindo (BIA) in Merauke, Papua, with an initial investment of approximately US$250 million. The company operates three palm-oil processing plants with a combined capacity of 210,000 tons per year, along with a palm-oil refinery in Balikpapan, East Kalimantan, that has a capacity of 500,000 tons per year.
- With the acquisition of SGRO, POSCO’s palm-oil land bank in Indonesia has now expanded to 150,000 hectares and has completed its full value chain in the palm oil business, from seed development to palm oil production for biofuel feedstock, after acquiring SGRO.
- Beyond agribusiness, POSCO International also has a presence in Indonesia through PT Krakatau POSCO (integrated steel producer), PT POSCO International Indonesia (trading), and POSCO DX Indonesia (construction and engineering).
- Deli Indonesia Officially Operates its Factory in Artha Industrial Park
- Deli Group, one of the world’s largest manufacturers of stationery and office supplies from China, has officially begun construction of stationery and office supplies factory in Artha Industrial Hill, an industrial park with a total development area of 390 hectare.
- This investment worth 25 trillion (US$136.4 million) is a strategic move by the company to expand its manufacturing base in Southeast Asia while strengthening Indonesia’s position as a regional production and distribution center.
- The factory, which stands on approximately 2 hectares of land with a total building area of 12 hectares, will be Deli’s main integrated manufacturing base in Southeast Asia.
- The facility combines three major functions: manufacturing, warehousing, and distribution, enabling it to serve the domestic Indonesian market as well as export to various Southeast Asian countries.
- Indonesia Plans for Trilateral Cross-Border Data Center Partnership with Singapore and Malaysia
- Indonesia is advancing plans for a groundbreaking trilateral cross-border data centre partnership with Malaysia and Singapore.
- The ambitious initiative will leverage Indonesia’s Green Super Grid renewable energy transmission network to power the regional data centre infrastructure, with the grid system designed to stretch from Sumatra to Nusa Tenggara and connect directly to Riau Islands province, specifically supplying the developing data centre cluster in Batam with potential expansion to neighboring Bintan island.
- PLN estimates the Green Super Grid project will require approximately $25 billion in investment and plans to construct roughly 50,000 kilometers of transmission lines connecting renewable sources including 6 gigawatts of hydropower, 16.5 gigawatts of solar power, 11.3 gigawatts of wind power, and 7.1 gigawatts of geothermal power.
- The cross-border collaboration builds upon the existing Singapore-Malaysia- Indonesia Growth Triangle framework, strategically positioning the three nations to capitalize on complementary strengths where Singapore provides world-class connectivity infrastructure, Malaysia’s Johor offers competitive land and energy costs, and Indonesia supplies abundant renewable resources and geographic advantages for regional digital infrastructure expansion.
- Sinar Mas Group Enters LNG Transportation Market through Acquisition of Hyundai LNG Shipping
- Indonesia’s Sinar Mas Group is set to enter the global LNG transportation market with the acquisition of Hyundai LNG Shipping, South Korea’s largest liquefied gas carrier The deal, valued at 3.8 trillion won (USD 2.59 billion, including liabilities), involves the purchase of 100% of Aegis One, the holding company for Hyundai LNG Shipping, by Frontier Resources, a Sinar Mas affiliate focused on resource development and logistics. Excluding liabilities, the equity value of the transaction is approximately 400 billion won (USD 272 million), matching IMM Private Equity’s initial investment when it acquired the company in 2014.
- Hyundai LNG Shipping operates 12 LNG carriers, six LPG carriers, and one LNG bunkering vessel, making it a key player in the liquefied gas transport sector. This acquisition positions Sinar Mas to expand its presence in the Asia–Australia LNG supply chain and maritime Frontier Resources’ established networks in Australia, Indonesia, and Singapore are expected to help Hyundai LNG Shipping secure new LNG transport contracts, particularly for projects in Australia. Additionally, Singapore’s growth as a global LNG bunkering hub presents further opportunities under Sinar Mas’ ownership.
- The sale comes amid a rebound in the global LNG market, driven by projects like Alaska LNG and improved financial performance at Hyundai LNG These factors enabled IMM to secure a buyer meeting its valuation expectations, with Citigroup Global Markets Securities acting as the sell-side advisor.
- IMM Private Equity is a South Korean private equity firm specializing in investments across various sectors, including energy, logistics, and technology. IMM acquired Hyundai LNG Shipping in 2014 for 1.03 trillion won, with approximately 400 billion won in Over the years, IMM has sought to enhance the company’s operational efficiency and financial performance, positioning it as a key player in South Korea’s LNG transport sector. However, previous attempts to sell Hyundai LNG Shipping, including a potential buyback by HMM (Hyundai Merchant Marine), fell through due to valuation disagreements.
- The Korea Maritime Industry Federation (Hanhaechong) and the Korea Shipowners’ Association have raised strong objections to the sale, warning that it could undermine South Korea’s energy security. Hyundai LNG Shipping is a key transport partner for Korea Gas Corporation (KOGAS) under long-term contracts, and the sale could accelerate the decline of Korean- flagged LNG The share of such carriers is projected to drop from 38.2% in 2024 to 12% by 2029, potentially reaching zero by 2037. This conflicts with government goals to maintain at least 70% utilization of domestic-flag vessels for strategic energy shipments.
- The Federation has urged the government to block the sale, citing risks to the national energy supply chain and concerns over foreign ownership of strategic Despite these concerns, the deal is set to proceed pending regulatory approvals. If approved, the acquisition would mark a significant expansion for Sinar Mas into deep-sea energy transport, aligning with its broader strategy to strengthen its foothold in the energy and maritime sectors.
- Indonesia and Chinese Government Expands TCTP Collaboration
- The Chinese and Indonesian governments have agreed to expand the Two Countries, Twin Parks (TCTP) industrial park initiative starting in This bilateral program aims to develop paired industrial complexes in both countries, fostering stronger industrial synergy and optimized cross-border value chains.
- The TCTP partnership is currently being implemented in the Batang Integrated Industrial City in Central Java, Indonesia, and the Yuanhong Investment Zone in Fuzhou, Both governments are now exploring further expansion, with Bintan Island identified as a key candidate for the next phase. Bintan’s strategic location and existing industrial infrastructure make it an ideal site for deepening cooperation.
- During the recent China-Indonesia Economic and Trade Exchange Conference, the Indonesian government and the Fuzhou City government signed 16 investment cooperation MoUs valued at IDR 4 trillion (USD 2.2 billion). These projects, starting in 2026, target key sectors such as steel, nickel, food and marine processing, fisheries, renewable energy, AI, and industrial park development.
- The TCTP initiatives aim to help Indonesia to achieve 8% economic growth by It leverages Indonesia’s natural resources, labor potential, and market size while integrating China’s expertise in technology, financing, and manufacturing. This synergy is expected to accelerate investment flows, enhance industrial competitiveness, and create jobs.
- The TCTP framework has already facilitated significant trade and investment. For example, the China-Indonesia Coconut Industrial Park in Fuzhou processes Indonesian coconuts into high-value products like coconut milk and oil for distribution across Additionally, the Salim Group and Chinese partners are developing a global fishery center in Tuban, Indonesia, with a total investment of USD 684.93 million.
Latest Update – Japanese Market Movements
Santomo Biomass Indonesia Opens Wood Pellet Plant – PT Santomo Biomass Indonesia (SBI) inaugurated its first wood pellet plant in Gresik, East Java, on September 24, 2025, under Japan’s AZEC initiative. The plant, covering 3,000 square meters, has a production capacity of 1,000 tons per month and uses sawdust from local sawmills, including Japanese-affiliated suppliers. The pellets, priced 15% lower than palm kernel shells, will serve domestic industries like textiles and food, with exports to Japan and South Korea under consideration. This milestone supports Indonesia’s renewable energy goals, reduces carbon emissions, and creates local economic opportunities.
Kawasaki Heavy Industries Launches Hydraulic Sales Subsidiary – PT Kawasaki Precision Machinery Indonesia began operations on October 1, 2025, to meet growing demand for hydraulic equipment in Indonesia’s construction sector. The subsidiary, with inventory capabilities, aims to enhance customer satisfaction, respond flexibly to market changes, and strengthen Kawasaki’s brand presence in Southeast Asia.
Takafuji Invests in Biomass Firm – Takafuji invested in Prima Katulistiwa Sinergi (PKS) through its subsidiary ZAPIN Agro International. PKS operates in biomass fuels and rooftop solar power, while Takafuji runs a 22 MW biomass plant in Japan using palm kernel shells (PKS). The partnership will strengthen the biofuel supply chain, with PKS storage facilities in Riau supporting exports to Japan and other markets.
Toyota Launches Affordable Hybrid Veloz – Toyota introduced its most affordable hybrid MPV, the Veloz, priced at IDR 299 million (USD17,900) during a promotional period. The seven-seater, produced locally, will be delivered starting early 2026. This pricing strategy aims to counter declining car sales in Indonesia, which fell 10% year-on-year from January to October 2025, reaching their lowest levels since 2020. Toyota also faces growing competition from Chinese automakers, whose market share surged from 13% in early 2025 to over 20% in October, driven by competitively priced compact MPVs and SUVs. By offering a hybrid model at a price comparable to gasoline-powered vehicles, Toyota hopes to stimulate demand among Indonesia’s increasingly price-sensitive middle class.
J-TREC and Sumitomo Secure MRT Jakarta Contract – J-TREC and Sumitomo Corporation won a 17 billion yen contract to supply 48 train cars for Jakarta’s MRT North–South Line extension. Supported by a Japanese yen loan under JICA’s STEP program, the project will ease traffic congestion, improve air quality, and enhance public transportation in Jakarta. The companies have previously supplied 144 cars for the MRT system.
Shikoku Chemicals Acquires Indonesian Manufacturer – Shikoku Chemicals will acquire PT Timuraya Tunggal, a chemical manufacturer in Indonesia, for 5 billion yen by early 2026. Timuraya produces sulfuric acid and other chemicals, and the acquisition will secure raw material supplies, expand Shikoku’s distribution networks, and enhance product value using its technologies.
Mitsui Sumitomo Insurance Introduces Drone-Based Inspections – Mitsui Sumitomo Insurance launched a drone-based roof inspection service in Indonesia, targeting Japanese companies. The service uses high-resolution and infrared cameras to detect structural issues, moisture, and potential risks, reducing maintenance costs and improving safety. This initiative differentiates the insurer in a competitive market where fire insurance premiums are regulated.
Toridoll Group’s “Ramen Zundouya” Opens First Store in Indonesia – Toridoll Holdings, a major Japanese restaurant operator, has launched its first Indonesian outlet of the ramen chain “Ramen Zundouya” in Jakarta, marking its second overseas market after China.
The brand’s entry into Indonesia is managed through a master franchise agreement with Sriboga Group, which also operates Toridoll’s “Marugame Udon” chain locally. Marugame Udon has grown to 137 outlets nationwide as of October 2025, showcasing the success of the partnership. For Zundouya, three stores are planned by early 2026, with potential expansion into regional cities and other Muslim-majority markets like Malaysia.
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