Singapore's Quantum Power Asia and Germany's ib vogt have announced a joint venture (JV) to invest $5 billion for more than 3.5 GW solar PV and 12 GWh storage capacity in Indonesia, to export up to 4 TWh electricity generated to Singapore, annually.
Once commissioned in 2032, the proposed project is expected to deliver close to 8% of Singapore's annual electricity generation, aligned with the latter's target to import up to 4 GW of low-carbon electricity by 2035.
Anantara Energy Holdings Pte Ltd, the Singapore registered JV between Quantum Asia and ib vogt, is one of the applicants to the request for proposals (RFP) issued by Singapore's Energy Market Authority (EMA) in November 2021 to secure a license to supply and import clean energy to Singapore from its neighboring nations.
It has already secured agreements from Singapore based corporates and local businesses to supply more than 4 TWh imported clean energy to help them meet their sustainability goals under RE100 commitments.
The said project will be located on more than 4,000 hectares of land in Riau Islands that's located south of Singapore. It is also the location where EDP Renewables' Sunseap plans to develop large scale solar power and energy storage systems under a MoU with provincial government of Riau Islands, including over 3 GW solar and 6,500 MWh storage on Combol and Citlim islands (see MoU For Large Scale Solar & Storage In Indonesia).
Anantara has also entered a memorandum of understanding (MoU) with Riau Islands for the purpose. Both Quantum and ib vogt aim Anantara to be a long-term partnership to develop renewable energy in Indonesia and supply the same via undersea cables to Singapore.
The JV has also partnered with Union Power Pte Ltd, a subsidiary of Singaporean electricity retailer Union Energy Corporation, to supply clean electricity and related services to residential, commercial & industrial (C&I) customers in Singapore. For the latter, the partnership is significant as it reviews its supply of renewable energy in the wake of 'volatility of energy prices and challenges faced by Singapore's electricity market'.
"Should we be successful in being awarded an import licence to Singapore, we will bring up to $5 billion of capital into Indonesia from Singapore, creating more than 30,000 jobs to build what will become the largest PV-Storage System globally to date," said Managing Director and CEO of Quantum Power Asia, Simon G. Bell. "It will also contribute significantly to Singapore's journey towards carbon neutrality."
Back in August 2021, Quantum Power and ib vogt had launched a JV investment partnership to deploy PV-hybrid technologies for C&I customers in Indonesia and other Southeast Asian nations, with an initial target of 100 MW.
Recently, ib vogt announced a JV with ACEN of the Philippines to construct a minimum of 1 GW large scale solar power capacity in Asia Pacific (see Joint Venture For 1 GW Solar In Asia).