Powering Renewable Energy: Structuring The Future

Andersen Consulting Cambodia

135 Renewable Energy Mandates. Regional Adviser. Every Stage

Where Renewable Energy Deals Get Done

Why developers, investors and financiers across South and Southeast Asia turn to Andersen Consulting Cambodia

Across Cambodia, Lao PDR, Myanmar, Vietnam and Bangladesh, covering solar, hydropower, wind, battery storage, biomass, transmission, green bonds, project finance, M&A, tax, regulatory and compliance work.

The energy transition is no longer simply an environmental aspiration. It is an infrastructure, investment, cost and energy-security imperative. Renewable power can reduce exposure to volatile imported fuels, strengthen supply resilience and create a more sustainable platform for economic growth. In 2024, 91% of newly commissioned utility-scale renewable projects generated electricity at a lower levelized cost than the cheapest new fossil-fuel alternative, while renewable generation was estimated to have avoided US$467 billion in fossil-fuel costs globally. The International Energy Agency has also concluded that renewables have already reduced fuel-import requirements and strengthened electricity-supply security.

For Southeast Asia, the commercial case is especially strong. Solar and wind are now among the most cost-competitive sources of new electricity generation, with solar photovoltaic costs having fallen by around 90% since 2010. The opportunity is substantial, but successful projects require much more than panels, turbines or water resources. They require bankability, credit & bond rating assessments, regulatory certainty, land and licensing solutions, credible contracts, efficient tax structures, capital, ESG integrity and disciplined execution.

This Is Where Andersen Consulting Cambodia Stands Apart.

The Andersen Consulting Cambodia regional renewable-energy platform reflects experience across 135 projects (to date), transactions and mandates in Cambodia, Lao PDR, Myanmar, Vietnam and Bangladesh. The portfolio spans solar, hydropower, wind, battery energy storage, biomass, waste-to-energy, transmission and distribution, rooftop installations, floating solar and hybrid systems. It includes greenfield development, operating-asset acquisitions, cross-border M&A, public-private partnerships, green bonds, project finance, regulatory reviews, tax structuring, compliance, EPC and O&M matters, power purchase agreements, concessions, due diligence and dispute support.

The scale and diversity of the experience are equally important. The track record includes work connected with billion-dollar cross-border transactions, project financings exceeding US$100 million, hydropower assets of up to 1,460MW, a 600MW cross-border wind project, acquisitions of major operating solar assets, national solar-park tenders, battery-storage procurement and first-of-their-kind green infrastructure bond activity.

Integrated capabilities across the complete project lifecycle

• Credit and bond ratings: Independent issuer and instrument analysis, rating surveillance, Credit-risk assessment, transaction-structure review and investor-facing risk communication.
• Project finance and capital markets: Debt structuring, lender due diligence, security packages, guarantees, green and infrastructure bonds, financial close and development-finance support.
• Corporate, M&A and investment: Market entry, joint ventures, acquisitions, disposals, shareholder arrangements, transaction documentation and post-closing implementation.
• Regulatory, licensing and government interface: Energy-sector approvals, investment licensing, land, environmental requirements, PPPs, public tenders and liaison with relevant authorities.
• Project documents and bankability: PPAs, implementation and concession agreements, EPC and O&M contracts, land arrangements, insurance, guarantees and security documents.
• Tax, transfer pricing and compliance: Tax-efficient structuring, transfer pricing, contractor taxation, accounting and filing compliance, tax audits and controversy support.
• ESG and sustainable-finance readiness: Green-bond frameworks, use-of-proceeds discipline, disclosure, reporting, environmental and social compliance, and investor-readiness.
• Risk, disputes and restructuring: Contract performance, claims, dispute strategy, project restructuring, refinancing and remediation of regulatory or commercial weaknesses.

Why credit and bond ratings are becoming central to renewable-energy finance

A credit rating is not a “green label”, and a bond rating is not the same as an ESG certification or second-party opinion. Nor is a rating legally mandatory for every renewable project or every green financing. However, as renewable assets seek larger pools of institutional capital, independent ratings are increasingly becoming a commercial gateway to market access, pricing discipline, transparency and investor confidence.

For renewable-energy issuers and project companies, a robust rating process can provide an independent view of repayment capacity and identify the factors that most influence bankability:

• Construction and completion risk;
• Technology and resource performance;
• Power-purchase agreements and offtaker quality;
• Grid connection and curtailment;
• Operating and maintenance capability;
• Cash-flow resilience and debt-service coverage;
• Insurance;
• Environmental and social compliance;
• Land and licensing;
• Currency and transfer risk;
• Legal enforceability;
• Security and guarantee structures; and
• Sovereign or regulatory exposure.

A credible rating can help an issuer communicate risk in a common language, compare financing alternatives, strengthen transaction structures, establish appropriate covenants and surveillance, and potentially broaden the investor universe. The ultimate pricing outcome will still depend on market conditions, liquidity, tenor, guarantees and the underlying credit profile, but a transparent rating framework can materially improve the quality of the financing conversation.

For green bonds, ratings work best alongside a credible sustainable-finance architecture. Global sustainable-finance standards are raising the bar for renewable-energy issuers. ICMA’s Green Bond Principles focus on transparency around how green-bond proceeds are used and reported, while IFRS S2 connects climate-related risks and opportunities to cash flows, access to finance and cost of capital. For solar, hydro, wind and other renewable-energy projects, this makes credible data, governance, ESG disclosure and independent assessment increasingly important for attracting investors and lenders.  

Andersen Consulting Cambodia as an accredited credit rating agency combines its rating’s capability with project finance, legal, tax, regulatory, M&A and ESG expertise, which enables the team to fully assess both the commercial substance of a project and the structure through which it reaches investors.

From Project Vision to Bankable Power

Andersen Consulting Cambodia brings together the disciplines that renewable-energy transactions usually require from multiple advisers … under one coordinated regional platform.

Why choose Andersen Consulting Cambodia

Clients do not need advice in isolated silos. They need a team that understands how a regulatory condition affects project cash flow, how a PPA affects credit quality, how tax structure affects returns, how ESG commitments affect disclosure, and how every one of those issues influences financeability and execution.

Andersen’s value lies in connecting those issues. Developers gain a practical route from concept to approval. Investors receive transaction and risk clarity. Lenders obtain stronger due diligence and security analysis. Issuers gain a credible path toward bond-market readiness. Governments and development institutions benefit from regional experience in tenders, PPPs, market frameworks and first-of-their-kind projects.

With 135 (to date) regional renewable energy mandates demonstrate that this is not a theoretical capability. It is experience developed across real transactions, multiple technologies, different regulatory systems and every stage of the renewable-energy lifecycle.

Powering Projects. Unlocking Investment. Advancing The Region.

For renewable energy in Cambodia and the wider region, Andersen Consulting Cambodia is the natural first call.