67 INTEGRATED ANNUAL REPORT 2025 BUSINESS REVIEW | YINSON RENEWABLES New Zealand Throughout 2024, we continued to assess and secure greenfield wind opportunities. Our overall pipeline is becoming significant, with several large-scale opportunities being taken forward. Our most advanced project, Pahiatua, located in the North Island, was submitted for planning consent in January 2025. Malaysia We continue to work closely with our joint venture partner, PXS, growing steadily in the commercial & industrial (”C&I”) rooftop space with ~12 MWp in operation and ~14 MWp secured or in construction to be operational end 2025. We are also exploring locations and identifying potential partners to position the Company for large-scale solar projects. Indonesia Our activities are conducted through our subsidiary, Inecosolar, which is currently focused on the rooftop solar market. Since winning our first two projects in 2023, the market has been challenging for new C&I projects, but market conditions are expected to improve during 2025. We continue to install domestic systems, and have seen this segment grow steadily over the last six months. India Our activities in India are conducted through our subsidiary, Rising Sun Energy. Our three operational projects, Rising Bhadla 1 & 2 and Nokh Solar Parks, continue to perform well. Asia Pacific presents unique opportunities and challenges for the development of clean energy. New Zealand is a good example of the region’s energy transition, with over 80% of its electricity generated from renewable sources. Its abundant wind, solar and geothermal resources position it well to meet growing clean energy demands. National governments across South and Southeast Asia are implementing forward-looking policies to tackle growing energy demand and meet climate goals. The region’s wealth and hydrocarbon reserves vary, influencing the pace of transition. However, the collective efforts of ASEAN member states and international support are creating a conducive environment for renewable energy investments. Asia Pacific Italy We have nearly 400 MW of wind and solar projects in development, all of which have been submitted for consent. New projects are also being investigated, and we expect to grow this pipeline steadily over the coming year. Additionally, we plan to participate in acquisition processes involving projects from late-stage development to operational. By 2030, the EU aims to achieve a renewable energy share of 45% and has set a binding target of 42.5% for all member states. In alignment with the EU’s strengthened climate goals under the Fit-for-55 and REPowerEU plans, Italy increased its renewable energy targets, addressing its lag from an EU-wide perspective. Italy’s state-controlled power grid operator, Terna, announced a EUR 23 billion investment over the next decade to upgrade the national power network to support renewable energy integration, enhance grid security and improve cross-border energy exchange capacity. A liquid offtake market and government-backed tariff regimes add to the market’s attractiveness. Europe Columbia A 118 MWp solar photovoltaic (”PV“) project in Colombia is expected to be awarded grid connection during 2025, after which the remaining development activities would be completed to be ready for construction. Chile Two hybrid (solar+battery storage) projects with a total solar PV capacity of ~212 MWp, have been in the late stages of development for an extended period. Progress has not met our expectations, leading us to reassess our current approach. A decision regarding these initiatives is expected to be made in 2025. Latin America (cont‘d) Brazil Two wind projects – Vicosa and Santa Clara, with a combined capacity of 486 MW, have experienced slower progress than expected, primarily due to insufficient grid availability and a softening PPA market. Consequently, we anticipate a minor delay in the start of construction. Meanwhile, we are investigating several acquisition opportunities with the aim of having operational projects within two to three years.
RkJQdWJsaXNoZXIy NDgzMzc=