ASEAN’s energy finance challenge shifts to bankable assets — Eter News

Enriched Analysis 深度解析

ASEAN’s energy finance challenge shifts to bankable assets东盟能源融资挑战转向打造可融资资产

Ember says ASEAN has made progress attracting capital to large renewable-energy projects, but financing gaps remain for distributed solar, battery storage and transmission. The report argues that market design, transaction costs, revenue certainty and mechanisms to capture system value now matter as much as access to capital in determining whether projects can attract investment.Ember表示，东盟在吸引资本投资大型可再生能源项目方面已取得进展，但分布式太阳能、电池储能和输电项目仍存在融资缺口。报告认为，市场设计、交易成本、收入确定性以及实现能源系统价值变现的机制，如今与资本获取同样影响项目能否吸引投资。

Ember 7 Oct 2026 2026年10月7日

3939

Solar capacity太阳能装机容量

0.50.5

Equity return increase per additional MW for 0.5–20 MWp solar projects容量为0.5至20兆峰瓦的太阳能项目每增加1兆瓦的股权回报增幅

7.27.2

Estimated transmission-project returns输电项目预计回报率

01The Story新闻事实

Ember says ASEAN has made progress attracting capital to large renewable-energy projects, but financing gaps remain for distributed solar, battery storage and transmission. The report argues that market design, transaction costs, revenue certainty and mechanisms to capture system value now matter as much as access to capital in determining whether projects can attract investment.Ember表示，东盟在吸引资本投资大型可再生能源项目方面已取得进展，但分布式太阳能、电池储能和输电项目仍存在融资缺口。报告认为，市场设计、交易成本、收入确定性以及实现能源系统价值变现的机制，如今与资本获取同样影响项目能否吸引投资。

  • ASEAN’s solar capacity has risen to 39 GW and wind capacity to 9.6 GW over the past decade.过去十年，东盟太阳能装机容量已升至39吉瓦，风电装机容量升至9.6吉瓦。
  • Storage capacity is below one-third of the pipeline the region needs by 2030, according to the report.报告称，东盟目前的储能容量不足该地区到2030年所需项目管线的三分之一。
  • A 20 MWp solar project requires a minimum electricity tariff of $72/MWh to achieve a 12% investor return at a 7% interest rate.在利率为7%的情况下，一个20兆峰瓦太阳能项目需要至少72美元/兆瓦时的电价，才能实现12%的投资者回报率。
  • Estimated returns of 7.2%–8.8% for transmission projects are too low to meet private investors’ expectations.输电项目预计为7.2%至8.8%的回报率过低，无法满足私人投资者的预期。
  • The report identifies clearer offtaker arrangements and new revenue streams for batteries and grid services as potential ways to improve project bankability.报告指出，更明确的购电方安排，以及为电池和电网服务建立新的收入来源，可能有助于提升项目的可融资性。

ASEAN’s next energy-investment challenge is not only mobilising capital, but ensuring that smaller projects, storage and grids can generate predictable returns.东盟下一阶段的能源投资挑战不仅是筹集资本，还要确保小型项目、储能和电网能够产生可预测的回报。

023 Dimensions维度分析

Historical context历史脉络

Utility-scale renewables have attracted capital大型可再生能源项目已具备吸引资本的能力

ASEAN has become a credible destination for renewable-generation investment, particularly in large utility-scale projects. The report says the region is seeking to more than triple solar and wind capacity, increasing the need for markets and regulations to keep pace.东盟已成为可再生能源发电投资，尤其是大型项目投资的可信目的地。报告称，该地区正寻求将太阳能和风电装机容量增加至三倍以上，这提高了市场和监管框架同步发展的必要性。

Solar capacity太阳能装机容量

Past decade过去十年39 GW

Past decade过去十年9.6 GW

  • Indonesia has 100 GW solar ambitions, while Viet Nam has targets under PDP 8.印度尼西亚提出了100吉瓦太阳能发展目标，越南则设有PDP 8框架下的目标。
  • The report says utility-scale project finance has largely been solved in several local markets.报告称，多个当地市场已基本解决大型项目融资问题。
Consequence影响推演

Smaller projects face a bankability gap小型项目面临可融资性缺口

As project sizes shrink, returns fall sharply. The report highlights transaction costs and limited access to conventional financing as continuing constraints on distributed renewable-energy development.随着项目规模缩小，回报率会大幅下降。报告指出，交易成本以及对传统融资工具的有限获取，仍是制约分布式可再生能源发展的因素。

Equity return increase per additional MW for 0.5–20 MWp solar projects容量为0.5至20兆峰瓦的太阳能项目每增加1兆瓦的股权回报增幅

Equity return increase per additional MW for 0.5–20 MWp solar projects容量为0.5至20兆峰瓦的太阳能项目每增加1兆瓦的股权回报增幅0.5 percentage points

At a 7% interest rate利率为7%时72 USD/MWh

  • The report says larger projects gain more from cheaper finance.报告称，大型项目从低成本融资中获得的收益更大。
  • Distributed solar may require financing beyond conventional tools and more inclusive policy support.分布式太阳能可能需要超越传统工具的融资方式，以及更具包容性的政策支持。
Stakeholder impact利益相关方

Storage and grids need new revenue models储能和电网需要新的收入模式

Battery storage is constrained by limited ability to capture revenue, while transmission returns remain below private investors’ expectations. The report presents revenue stacking, financial guarantees and fewer tariff restrictions as potential policy reforms.电池储能受到收入变现能力有限的制约，而输电项目回报率仍低于私人投资者预期。报告将收入叠加、金融担保和减少电价限制列为潜在的政策改革方向。

Estimated transmission-project returns输电项目预计回报率

Estimated transmission-project returns输电项目预计回报率7.2 %

  • Storage is below one-third of the pipeline the region needs by 2030.储能规模不足该地区到2030年所需项目管线的三分之一。
  • The report says batteries need new revenue streams for flexibility and grid services.报告称，电池需要通过灵活性服务和电网服务获得新的收入来源。
  • Transmission projects need investment, financial guarantees and fewer tariff restrictions to become more bankable.输电项目需要投资、金融担保以及更少的电价限制，才能提高可融资性。

03Timeline时间线

  1. 2026-10-07 Ember published its report on financing ASEAN’s energy system transformation.Ember发布关于东盟能源系统转型融资的报告。

Key takeaway核心结论

Improving ASEAN’s energy-transition financing will depend on market and revenue reforms tailored to utility-scale projects, distributed systems, storage and grids.改善东盟能源转型融资状况，将取决于针对大型项目、分布式系统、储能和电网进行相应的市场与收入机制改革。

04What to Watch后续关注

  1. Whether ASEAN markets establish clearer offtaker arrangements for renewable-energy projects.东盟各市场是否会为可再生能源项目建立更明确的购电方安排。
  2. Whether battery projects gain additional revenue streams for flexibility and grid services.电池项目是否能够通过灵活性服务和电网服务获得额外收入来源。
  3. Whether distributed solar receives financing tools beyond conventional project finance.分布式太阳能是否会获得传统项目融资之外的融资工具。
  4. Whether transmission tariffs and financial guarantees change enough to attract private capital.输电电价和金融担保机制是否会发生足够变化，以吸引私人资本。

05Uncertainties不确定因素

  • The report notes that ASEAN markets differ substantially, ranging from vertically integrated single-buyer systems to competitive wholesale and retail markets.报告指出，东盟各市场差异显著，从垂直一体化的单一购电方体系到竞争性批发和零售市场均有分布。
  • The source excerpt does not specify the individual country-level financing conditions behind the regional findings.来源节选未具体说明区域性结论背后各国的融资条件。

06Sources信息来源

  1. Bankable by design꞉ Financing ASEAN's energy system transformation | EmberBankable by design꞉ Financing ASEAN's energy system transformation | Ember Ember · 2026-10-07

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