Equator Renewables Asia raises $39 M for Indonesian solar, green hydrogen, sustainable projects
Founded by businessman Frank Phuan, Singapore-based Equator Renewables Asia (ERA) has raised S$50 million ($39.3 million) to develop large-scale solar, green hydrogen, and sustainable industrial zone projects throughout Indonesia.
Strategic cornerstone investors KPN Corporation, an Indonesian agribusiness conglomerate, and Tsao Pao Chee (TPC), a Singapore-based purpose-led company, have contributed S$30 million to the funding round. Phuan, the CEO of ERA, and the management group will contribute the final S$20 million.
Phuan founded ERA last year after selling his stake in Sunseap Group, which he co-founded, to EDP Renewables in Portugal. Phuan stated that he is still committed to decarbonizing Southeast Asia and the larger Asian region in his second solar energy venture. The Energy Market Authority of Singapore has granted ERA conditional approval and a conditional import license for up to 400 MW of Indonesian renewable energy imports as a first step.
The fundraising is taking place as Indonesia and Singapore continue to work together on sustainable industrial development. A memorandum of understanding to create a Sustainable Industrial Zone encompassing the Batam, Bintan, and Karimun regions was signed by the two nations in June 2025.
The project intends to draw sustainable investments and create a regional center for battery storage, clean energy production, and logistics. Singapore aims to achieve net zero emissions by 2050, while Indonesia aims to achieve net zero emissions by 2060.
As a step toward the larger ASEAN Power Grid initiative, ERA’s flagship project seeks to link Singapore and Indonesia in their decarbonization efforts.
Robin Pho, managing director for energy transition at TPC, and Brian J. Chen, director of KPN and a personal investor in ERA, will join ERA’s board of directors as part of the investment.
According to Chen, the investment shows KPN’s dedication to the shift to green energy. Through its agribusiness operations, the company can make use of large landbanks throughout Indonesia, and it intends to repurpose some of this land for utility-scale solar, battery storage, and green hydrogen production. According to Pho, TPC is pushing an integrated energy transition and regenerative infrastructure strategy that includes carbon markets, industrial electrification, energy storage, renewable energy, energy efficiency, and nature-based solutions.
In order to support Singapore’s and Indonesia’s decarbonization while facilitating the creation of sustainable industrial zones, Phuan emphasized the fundraising as a crucial step in ERA’s mission.
Several solar photovoltaic projects totaling 2.2 GWp, 3.2 GWh of battery energy storage systems, and new green hydrogen production projects are all part of ERA’s project portfolio in Indonesia.
