OPINION
Market Rating Before FOMC MeetingJan 31
Indonesia’s Quantum Power Asia is likely to bring solar energy to Singapore
Singapore is a sovereign island city-state in maritime Southeast Asian region. In terms of energy; it is an Asian country generating almost 95% of its electricity from gas, which is imported by other countries. It is aiming to import enough clean power from overseas to meet 30% of its needs by 2035. And accordingly, Singapore Energy Market Authority expects to approve a first wave of projects for 1.2 gigawatts by Q4.
The country is working on putting much more emphasis on using renewable energies. In line with that effort, Quantum Power Asia, a renewable energy developing company based in Indonesia, agreed to advance a potential plan worth 5 billion US dollar to export clean electricity to Singapore.
Two renewable energy developers Quantum Power Asia and Ib Vogt planned the construction of a solar facility and 12 gigawatt-hour battery storage facility across 4,000 hectares of land located in Riau Islands, Indonesia, according to Bloomberg.
Bloomberg further reported that the construction, which will start on Riau Islands, will in future expand to Singapore’s Tuas region with the help of an undersea cable with a length of almost 50 kilometers.
IB Vogt’s Asia- Pacific Region Director has recently talked about this cable connection and noted that they are working on how to get the path right in order to ensure that no ships damage the cables by dropping anchors on it or in any other way.
Quantum and Ib Vogt’s Anantara joint venture could be fully commissioned in 2032 and capable of supplying about 8% of Singapore’s electricity need and the companies are currently at the stage of talks with banks for funding and plan to finalize lenders until 2024. The first phase of the project delivering 1 gigawatt of solar capacity and about half a gigawatt-hour of battery storage is targeted to be completed by 2026 to 2027, according to the statement of both companies.
The country is working on putting much more emphasis on using renewable energies. In line with that effort, Quantum Power Asia, a renewable energy developing company based in Indonesia, agreed to advance a potential plan worth 5 billion US dollar to export clean electricity to Singapore.
Two renewable energy developers Quantum Power Asia and Ib Vogt planned the construction of a solar facility and 12 gigawatt-hour battery storage facility across 4,000 hectares of land located in Riau Islands, Indonesia, according to Bloomberg.
Bloomberg further reported that the construction, which will start on Riau Islands, will in future expand to Singapore’s Tuas region with the help of an undersea cable with a length of almost 50 kilometers.
IB Vogt’s Asia- Pacific Region Director has recently talked about this cable connection and noted that they are working on how to get the path right in order to ensure that no ships damage the cables by dropping anchors on it or in any other way.
Quantum and Ib Vogt’s Anantara joint venture could be fully commissioned in 2032 and capable of supplying about 8% of Singapore’s electricity need and the companies are currently at the stage of talks with banks for funding and plan to finalize lenders until 2024. The first phase of the project delivering 1 gigawatt of solar capacity and about half a gigawatt-hour of battery storage is targeted to be completed by 2026 to 2027, according to the statement of both companies.
