Manila, 11 June 2026 — A major new report launched this week at the Asia Clean Energy Forum (ACEF) at the Asian Development Bank reveals that the Asia-Pacific’s clean energy transition faces a critical transmission supply chain bottleneck driven by a systemic coordination failure across the ecosystem.
With the region’s energy security increasingly dependent on building indigenous renewable infrastructure and reducing reliance on imported fossil fuels through exposed maritime routes, the urgency of unblocking the HVDC supply chain has become a strategic priority for Southeast Asia.
The Asia-Pacific Electrical Transmission Supply Chain Report, produced by the Green Grids Initiative (GGI), Lucetia Group, ARUP and HSBC, finds that lead times for voltage source converters now stretch to 4–6 years, with HVDC subsea cables for higher-voltage projects requiring 6–8 years.
The report is the result of a series of closed-door roundtables, starting during Singapore International Energy Week in October 2025, bringing together governments, project developers, original equipment manufacturers (OEMs), investors, insurers, and development finance institutions under Chatham House rules.
Its central finding: each stakeholder is acting rationally within its own constraints, yet the system as a whole remains stuck.
“Capital is not the binding constraint,” the report states, reflecting the consensus view of financial institutions at the roundtable. “The core issue is the absence of coordinated signals, predictable rules, and shared mechanisms that would allow capital, manufacturing capacity, and project development to align at pace and scale.”
The ASEAN Power Grid and associated cross-border interconnectors in the Asia Pacific, offer a structural shift: enabling countries to trade domestically generated renewable electricity rather than compete for imported fossil fuels. Solving the HVDC supply chain bottleneck is a strategic resilience question, accelerating the region’s path from energy dependence to energy independence.
The report sets out a practical action plan anchored by the establishment of a Regional Supply Chain Taskforce within six months. Led by GGI as a neutral broker, the Taskforce will coordinate demand aggregation through regional order books, advocate for standardised regulatory frameworks, and develop risk-sharing mechanisms backed by multilateral development banks. The target: by 2027, at least two concrete interventions implemented to unlock the HVDC cable supply challenge for the Asia-Pacific region.
For expressions of interest to join the Taskforce, register here.
"The electricity transmission supply chain challenge is one of the defining bottlenecks of the clean energy transition. As Chair of the GGI, it was a privilege to chair the first session in Singapore and to see such a committed group of leaders come together to tackle this issue with exactly the seriousness it deserves. HVDC solutions will be transformational for the ASEAN region and this group is doing vital work, which the UK Government and the Global Clean Power Alliance is proud to stand behind."
"The transmission supply chain is the single biggest bottleneck to energy independence in the Asia-Pacific. Every stakeholder we spoke to is acting rationally, yet the system remains stuck. This report moves beyond diagnosis to a practical, ecosystem-led plan to break that deadlock. We are now establishing a Regional Supply Chain Taskforce to turn these findings into commitments. We are seeking partners across governments, industry, and finance who are ready to act. The next 12 to 24 months will determine whether the ASEAN Power Grid remains an ambition or becomes a reality."
“The financial sector is ready to deploy capital into Asia-Pacific transmission infrastructure. What we need are the coordinated signals and risk-sharing frameworks that turn promising projects into bankable propositions.
This report makes clear that the bottleneck is not a shortage of finance but a shortage of the structures that allow finance to flow. HSBC is supporting governments, developers, and multilateral institutions to close that gap."
“The technical and engineering challenges of building subsea HVDC interconnectors across the Asia-Pacific are significant but solvable. What’s needed is the coordination to standardise approaches, aggregate demand, and give manufacturers the confidence to invest. This report provides the clearest articulation yet of how to achieve that.”
About the Green Grids Initiative (GGI): GGI is a multilateral initiative with a network of approximately 180 organisations across the grids ecosystem, including an Asia-Pacific working group. GGI drives collaboration across stakeholder groups to address grid infrastructure challenges including in supply chain, finance and planning and operations. GGI was launched by the Prime Ministers of the UK and India and its Corsortium Members include Climate Compatible Growth, Lucetia Group and Global Renewables Alliance, UK DESNZ and UK NESO.
About Lucetia Group: Lucetia Group is a strategic advisory firm operating at the intersection of geostrategy, energy, and investment. It is a Founding Consortium Partner of the Green Grids Initiative, winning a competitive bid to run the GGI. Lucetia Group served as knowledge partner and lead author of the report.
About ACEF: The Asia Clean Energy Forum is hosted annually by the Asian Development Bank in Manila. The 2026 edition brings together policymakers, industry leaders, and financial institutions to advance the clean energy transition in the Asia-Pacific.
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