Singapore-based Equator Renewables Asia (ERA), founded by entrepreneur Frank Phuan, has raised S$50 million ($39.3 million) to develop large-scale solar, green hydrogen and sustainable industrial zone projects across Indonesia.
The funding round is backed by Indonesia’s agribusiness conglomerate KPN Corporation and Singapore-based purpose-led enterprise Tsao Pao Chee (TPC), which together contributed S$30 million as strategic cornerstone investors. The remaining S$20 million will come from Phuan, ERA’s chief executive officer, and the company’s management team.
ERA was established last year by Phuan after he sold out of Sunseap Group, which he co-founded, to Portugal’s EDP Renewables. In his second venture in the solar energy industry, Phuan said he remains focused on decarbonising Southeast Asia and the wider Asian region. As an initial step, ERA has secured conditional approval and a conditional import license from Singapore’s Energy Market Authority for up to 400 MW of renewable power imports from Indonesia.
The fundraise comes as Singapore and Indonesia advance collaboration on sustainable industrial development. In June 2025, the two countries signed a memorandum of understanding to develop a Sustainable Industrial Zone across the Batam, Bintan and Karimun regions. The initiative aims to establish a regional hub for clean energy manufacturing, battery storage and logistics while attracting sustainable investments. Both countries are pursuing emissions reduction goals, with Singapore targeting net zero by 2050 and Indonesia by 2060.
ERA’s flagship project aims to connect Indonesia and Singapore in their decarbonization efforts and represents a step toward the broader ASEAN Power Grid initiative.
As part of the investment, Brian J. Chen, director of KPN and a personal investor in ERA, and Robin Pho, managing director for energy transition at TPC, will join ERA’s board of directors.
Chen said the investment demonstrates KPN’s commitment to the green energy transition. The company can utilize extensive landbanks across Indonesia through its agribusiness operations and plans to repurpose portions of this land for utility-scale solar, battery storage and green hydrogen production. Pho said TPC is advancing an integrated energy transition and regenerative infrastructure strategy that spans renewable power, energy storage, industrial electrification, energy efficiency, nature-based solutions and carbon markets.
Phuan highlighted the fundraising as a pivotal step in ERA’s mission to support the decarbonisation of Singapore and Indonesia while enabling the development of sustainable industrial zones.
ERA’s project portfolio in Indonesia includes multiple solar photovoltaic developments with a combined capacity of 2.2 GWp, 3.2 GWh of battery energy storage systems, and new green hydrogen production initiatives.
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