The renewables sector has made dramatic strides in a short amount of time, driven by technological advancements and a growing recognition of climate change’s detrimental effects. The rapid progress of companies within the industry signifies a promising shift toward a more sustainable future, where clean energy plays a pivotal role in preserving the health of our planet.
In the dynamic landscape of the Asia–Pacific’s renewable energy sector, Vena Energy, with its headquarters situated in Singapore, is the perfect example.
Just seven years ago, Vena Energy was Equis Energy, one of the Asia–Pacific region’s largest independent power producers. In late 2017, the acquisition of Equis Energy by Global Infrastructure Partners marked the beginning of a new chapter in the region’s energy transition.
“It symbolizes our mission to rejuvenate the economy’s heartbeat through renewable energy, ushering in a swift and sustainable transition.”
Tasked with integrating diverse assets into a unified entity with a scale that could effectively lead this energy transition, Nitin Apte assumed the role of CEO at the company in January 2018 and named it Vena Energy.
“On my second day at the company, we chose the name ‘Vena Energy’,” he tells The CEO Magazine. “Inspired by ‘vena cava’ – the major vein that returns blood to the heart for reoxygenation – it symbolizes our mission to rejuvenate the economy’s heartbeat through renewable energy, ushering in a swift and sustainable transition.”
A Green Pivot
Despite his insight, Apte’s background was not in renewables. “I started my career in materials with General Electric,” he recalls. “My first job was making industrial abrasives out of carbon.”
As the years rolled on, he moved to the plastics industry where he realized he had accrued a significant carbon footprint of his own.
“I often tell my team this – when the opportunity came to switch gears and help build Vena Energy, I knew that not only did we have corporate sustainability goals to meet, but I also had a personal goal of offsetting my own carbon footprint,” he says.
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From making plastics to making green power, Apte has poured all his energy into this new direction to great effect.
“When we started out, we were operating one gigawatt and gave ourselves a goal of contracting five gigawatts in five years,” he explains. “We crossed the five-gigawatt number after four years.”
The rapid progress led Apte and his team to branch into three verticals: onshore solar and wind, energy storage and offshore wind.
“The onshore opportunities across the Asia–Pacific are growing,” he confirms. “It’s a massive opportunity, but as countries and grids incorporate more renewables that are intermittent by nature, there are challenges.”
Enduring Headwinds
Intermittent power from renewables is one of the steepest. “In regions like Japan, Australia and Thailand, we’re witnessing a remarkable surge in renewable energy adoption,” Apte says.
“With this growth, comes the critical need for energy storage. That’s why we’ve been expanding our storage business. We have a battery energy storage system operating in Australia and there are more assets coming on stream this year.”
A convergence of constraints in northern Asia, such as a scarcity of available land for onshore solar and wind solutions, has led to greater interest in offshore wind power.
“Offshore wind is gaining traction worldwide. It will definitely play a significant role in the long-term energy transition of the Asia–Pacific region,” Apte says.
“Over the past six years, our workforce has tripled, drawing diverse talents from around the globe.”
When it comes to facing down challenges, Vena Energy’s focus on building a diverse and inclusive workforce has proved invaluable.
“Over the past six years, our workforce has tripled, drawing diverse talents from around the globe,” Apte reveals. “This diversity has been pivotal to our innovative approach and success, and it has been an absolute joy to witness the synergy and strength that have emerged from such a dynamic mix of perspectives.”
Powered by this diverse and experienced workforce, Vena Energy has successfully delivered close to 50 projects since 2018.
“Our team’s breadth of experience has been instrumental in overcoming the myriad of challenges we face in our projects,” Apte continues.
“Whether it’s navigating complex relationships, optimizing transmission connections or engaging with stakeholders and regulators, our team is adept at finding solutions swiftly with all our partners and the community.”
Stronger Together
For Apte, this spirit of collaboration has been central to Vena Energy’s success, with the company’s strategic partnerships enabling it to act swiftly and decisively when problems arise. Solar mounting system producer S-Rack Australia is one such partner, allowing Vena Energy to expand its solar footprint with ease and quality.
“By leveraging the expertise of key partners and suppliers, Vena Energy has overcome supply chain disruptions and accelerated project timelines, demonstrating resilience and adaptability in the face of adversity,” he says.
“Even while navigating the challenges of the COVID-19 pandemic, Vena Energy has remained steadfast in its pursuit of excellence.”
“Even while navigating the challenges of the COVID-19 pandemic, Vena Energy has remained steadfast in its pursuit of excellence.”
Throughout Apte’s tenure in the top job, Vena Energy has helped accelerate the transition towards a sustainable future.
“From sustainable construction practices to personal lifestyle choices, I like to lead by example, inspiring others to embrace a greener way of living,” he says. “Even my commute to work is sustainable; I ride a bike or walk. It’s a day-to-day commitment.”
It’s a commitment to driving positive change that makes Vena Energy more than just an energy company. “We’re engineers for a greener tomorrow,” Apte says.
