SSFA Releases “From Ambition to Bankability: Commercial and Legal Foundations for the ASEAN Power Grid” Paper on Bankability of Cross-Border Electricity Export Corridors

Singapore, 16 September 2026 – The Singapore Sustainable Finance Association (SSFA) today launched its latest publication, “From Ambition to Bankability: Commercial and Legal Foundations for the ASEAN Power Grid”. The paper was led by OCBC, with Baringa and Hogan Lovells Cadwalader Lee & Lee as knowledge partners.  The paper examines the commercial and legal conditions required to make cross-border electricity export corridors financeable, with a focus on the Singapore-Malaysia (Sarawak) and Singapore-Indonesia corridors under the ASEAN Power Grid (APG) initiative. 

With an estimated investment need of approximately US$800 billion across generation and transmission systems, the APG represents one of the largest infrastructure undertakings in the region’s history. Delivering it at scale will require more than political commitment or engineering capability. It will require a shared understanding of how each component, such as commercial structures, legal frameworks, and risk allocation, must evolve to convert regional energy ambitions into projects that capital providers can finance. This paper seeks to democratise that understanding by examining what it takes in practice to make cross-border power projects investable, replicable, and scalable. 

The paper examines a select set of critical commercial and legal factors that are key drivers of project bankability. It investigates gaps that need to be resolved to move the Singapore–Malaysia and Singapore–Indonesia corridors from political intent toward commercial viability. By doing so, the paper lays a shared starting point that is accessible and practical, providing a clear view of what bankability requires in practice. 

Download the paper here. 

Mike Ng, Group Chief Sustainability Officer, OCBC, and Project Lead said, “Integrated regional power markets are rarely built in a single step. They emerge through successful bilateral projects that demonstrate commercial viability, regulatory alignment, and financier confidence. A recurring theme from our stakeholder engagement is that many of the factors driving project success remain understood only within specialist circles. This paper aims to democratise that knowledge by highlighting the key commercial and legal foundations of a bankable cross-border power project, helping inform the decisions that will shape the ASEAN Power Grid.” 

Jennifer Tay, Partner at Baringa, the Knowledge Partner for the project said, “The ASEAN Power Grid has the potential to become the backbone of a more secure, affordable and investable energy future for the region, helping ASEAN make better use of its diverse resources, accelerate renewables and support long-term economic growth.” 

Matt Bubb, Head of Infrastructure, Energy, Resources and Projects (APAC), Hogan Lovells Cadwalader Lee & Lee, the Knowledge Partner for the project said, “We are honoured to contribute to this important paper, which comes at a pivotal moment for ASEAN’s energy transition. Realising the ASEAN Power Grid will require the region to move beyond ambition and align policy, regulation, commercial structures and risk allocation in a way that gives investors the confidence to commit long-term capital at scale. ” 

Kavitha Menon, Director, SSFA, said, “Realising the ASEAN Power Grid’s vision will require close to US$800 billion in investment, and capital at that scale will not move without a shared understanding of what makes these projects bankable. This paper brings together perspectives from across the value chain to set out those foundations in practical terms, and we hope it gives policymakers, financiers and developers a common starting point as the region moves from ambition to execution.”