Investment holding company Gallant Venture has entered into a joint venture (JV) agreement with electricity retail company Pacificlight Power to supply renewable energy to Singapore.
Pacificlight Power is a company related to Indonesia’s Salim Group and PT Medco Power Indonesia.
The consortium’s plans include developing, financing, constructing, operating and maintaining a Solar PV plant at Pulau Bulan, Indonesia — connecting it to the Singapore Power Grid network at Pacificlight’s existing site at Jurong Island to import the solar power.
See: Gallant Venture to acquire 66.25% stake in Singapore-Bintan Resort Holdings from other shareholders including Keppel Land, DBS, OCBC and UOB for $4.9 mil
The JV was recently granted a 100 megawatt conditional Import License by the Energy Market Authority.
In an Oct 25 statement, Gallant Venture said the JV is not expected to have any material impact on its earnings per share or net tangible assets per share for the current financial year ending Dec 31.
Shares in Gallant Venture closed 1.56% higher at 1.3 cents on Oct 25.
Photo: Gallant Venture
