One of our key focus areas is building a strong market position in six core markets that are critical to the green transition: South Africa, Brazil, India, the Philippines, Vietnam, and Egypt. These markets exhibit a high demand for new power to support economic development, a carbon-intensive power sector that needs to undergo a transition in order to satisfy climate policies and targets, and a regulatory framework that supports the use of international private capital for the realisation of a renewable-based infrastructure. In these markets, greater levels of deregulation also enable corporates to source energy independently of state-owned utilities.
70 per cent of our project backlog and pipeline are held in these core markets, and our experienced teams and partners are utilising a deep understanding of the energy market to secure
attractive new sites at an early stage so as to expand our pipeline further. We are also pursuing opportunities outside our core markets which we deem attractive from a size and return perspective.
Although our customers have been predominantly governments and state-owned utilities, we are now adapting our offering in order to provide new solutions to a more diverse customer base. Examples of this include our collaboration with Fertiglobe in Egypt and Norsk Hydro in Brazil and our Release concept, which addresses the demand for more affordable, sustainable, and flexible solutions from corporate offtakers, including the mining industries in Africa and Latin America.