Chapter 2. Investment needs and challenges assumes grid-to-grid projects take the form of the SOE-led financing model, i.e. financed on the balance sheet of SOE (or concessionaire for the Philippines). Financing for generation-to-grid projects extrapolates historical financing patterns into the future, maintaining restrictions on private sector ownership of transmission infrastructure where they exist. Where Sarawak to Singapore interconnector is assumed to be financed by Singapore based on press releases from Sarawak Energy Berhad; likewise, the Peninsular Malaysia to Sarawak interconnector is suggested to be financed at least in part by interconnectors over the next 15 years, most of which would be borrowed by SOE for grid-to-grid projects under business-as-usual financing models. Domestic borrowers as a preventative measure to contain concentration risk. These measures, called single borrower limits, exist in most ASEAN countries and usually set a maximum limit of 15-25% of a bank's eligible capital. their activities, it is not uncommon for domestic lenders to hit this maximum limit, surpassed the single borrower limit for lending to PLN and EVNNPT, respectively, leading some banks to securitise and off-load exposure using syndicated loans. In contrast, Malaysia, Singapore and Thailand face little pressure because their