The pathway to an integrated ASEAN Power Grid lies in translating ambition into bankable action. That was the central message from leaders across policy, finance, and energy. The discussion took place at the ASEAN–France Forum panel on 'Unlocking Investments for a Connected Regional Power Grid'.
Moderated by Audra Low, CEO of Clifford Capital, the session brought together leaders from ADB, AFD, DBS Bank, Keppel Infrastructure and the European Commission. Panellists agreed that while cross-border power trade is technically feasible, financing remains the missing link. A single well-structured pilot project could build the confidence and capital needed to accelerate regional investment.
Bankability begins with regulatory clarity
Developers agreed that predictable regulation is the foundation for investment. Janice Bong, Managing Director, Power and Renewables, Keppel Infrastructure, stressed that no private capital will flow without long-term clarity on licensing, marine surveys, and export rules. One successful interconnector project, she added, could create a "ripple effect of confidence" across ASEAN. It would prove that cross-border power trade is both feasible and financeable.
Financing must be built into design
Ms Low reframed financing as the starting point, not the end of project development. Structuring projects with clear risk allocation and bank-friendly procurement models, she said, is key to attracting long-term capital.
Ganesh Padmanabhan, Head of Project Finance, Institutional Banking Group, DBS Bank, outlined three focus areas. These were route-to-market, regional collaboration, and technical viability. These all pointed back to one principle: bankability.
Multilateral and blended finance are gaining momentum
Jackie Surtani, Regional Director,Asian Development Bank (ADB), introduced the ASEAN Power Grid Fund (APGF). The joint initiative between ADB, the World Bank and Agence Française de Développement (AFD), provides early-stage capital and technical support. Using a 'whack-a-mole' analogy, he noted that regulatory and financial barriers must be resolved one by one until a first project demonstrates regional viability. Do one deal well, he said, and confidence will follow.
Europe's global gateway approach is helping de-risk projects
From the European Commission, Ovidiu Mic, Head of Sector Regional Cooperation and Investments Asia, outlined how the Global Gateway Initiative supports ASEAN's grid ambitions. It de-risks private investment through capacity building, feasibility funding, and European Union (EU)-backed guarantees. He described a 'Team Europe' model that unites the EU, AFD, and multilateral partners. The aim is to help ASEAN governments and developers bring their projects to bankability faster.
Public partnerships and quick wins will build confidence
Jean-Pierre Marcelli, Regional Director for Southeast Asia, AFD, emphasised that said coordination among governments, utilities, and private partners is crucial. AFD is prioritising "quick wins" that prove interconnection delivers shared benefits. He said a regional grid is more than an addition of interconnectors. It is a vision for efficiency and stability across ASEAN, he added.
As the discussions drew to a close, the panellists agreed that ASEAN's path to a connected regional grid demands more than ambition. It requires regulatory alignment, blended finance, and a single proof-of-concept project to show what is possible.
As Mr Surtani put it, just do one deal. One success, he noted, will speak louder than strategy.
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