Six markets. Four are active, meaning we have delivered work there. Two are capital and structuring coverage, meaning our involvement is on the investment side rather than project execution.
Every market page lists the instruments currently in force, what each requires, and the date. Where sources disagree, we say so rather than picking the more attractive number.
Core market
Core market. Behind the meter storage, industrial power strategy, and data centre load.
Active development
Active development. Solar plus storage under a new mandate, ancillary services, and island power.
Active
Active. Rooftop solar surplus recovery, and a rule set that is moving faster than most project timelines.
Active
Active. Utility scale solar plus storage, supplier market entry, and a gap between plan targets and actual procurement.
Capital side
Capital and structuring coverage. Our involvement in these markets is on the investment side. Project execution is undertaken selectively and with local partners.
| Taiwan | Philippines | Vietnam | Thailand | Japan | |
|---|---|---|---|---|---|
| Our position | Core market | Active development | Active | Active | Capital side |
| Strongest near term case | Behind the meter, industrial and data centre | Solar plus storage under mandate, ancillary services, island power | Rooftop solar surplus recovery | Utility scale solar plus storage, supplier entry | Capacity market backed storage |
| Storage mandate on new renewables | No | Yes, 20 percent for variable renewables at and above 10 MW | Incentive thresholds rather than a mandate | No, procurement led | No |
| Front of meter ancillary service revenue | Saturated, clearing at or near zero | Growing, reserve market and bilateral | Early | Limited | Capacity payments over energy arbitrage |
| Main risk we flag | Revenue stack has moved to behind the meter faster than proposals have | Interconnection and permitting sequence | Rules changing faster than project timelines | Delay between plan targets and procurement | Duration rules and supply chain compliance |
The rows above are our own assessment. The instrument by instrument detail on each market page is sourced.