Quantum Power Asia and ib vogt have, on April 19, announced their partnership to build a US$5 billion ($6.80 billion) solar generation and storage facility in Indonesia’s Riau Islands.
The project, which spans over 4,000 hectares in the Islands will be able to generate more than 3.5 GW of solar photovoltaic (PV) and storing 12 GWh of renewable energy, which is intended for export to Singapore.
The facility itself has the capacity to export up to 4TWh of renewable energy to Singapore.
Quantum Power Asia is an independent power producer that designs, finances and operates renewable energy systems across Asia. The company is also is the developer of Indonesia’s first utility-scale PV plant. ib vogt is a German-headquartered solar energy turnkey solutions provider, which focuses on the global development of PV plants and the intensified development of battery storage projects.
Quatum Power Asia and ib vogt JV to deliver 8% of Singapore’s annual electricity generation to the republic
Further to the statement, Anantara Energy Holdings, the joint venture company between Quantum Power Asia and ib vogt, has responded to Singapore’s Energy Market Authority (EMA) request for proposals to obtain licenses to supply and import clean energy from neighbouring countries including Indonesia.
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The request is part of Singapore’s ongoing initiatives to achieve carbon neutrality by 2050.
When fully commissioned in 2032, the proposed Anantara project is expected to deliver about 8% of Singapore’s annual electricity generation, which will reduce the grid’s current reliance on liquefied natural gas (LNG).
Anantara has, in turn, partnered with Union Power, where the latter will handle the connectivity of imported clean energy and related services to residential, industrial and commercial customers.
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Union Power is the subsidiary of SGX-listed Union Energy Corporation. It currently retails electricity to about 22,000 customers in Singapore.
According to the statement, Anantara has secured agreements from corporates in Singapore to supply more than 4TWh a year of imported clean energy to meet their energy needs and achieve sustainability goals in line with RE100 commitments.
The agreements were signed in the Indonesian embassy in Singapore on April 19.
The JV is said to benefit both Indonesia and Singapore by supporting new businesses and creating up to 30,000 new jobs in Riau. It will also open up fresh opportunities in the renewable energy sector in the region.
Simon G. Bell, managing director and CEO at Quantum Power Asia, says: "We are excited to partner ib vogt and present this major integrated initiative to EMA. Should we be successful in being awarded an import licence to Singapore, we will bring up to US$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. It will also contribute significantly to Singapore's journey towards carbon neutrality."
Anton Milner, managing director (CEO) at ib vogt, adds: "This bilateral energy import initiative is a landmark project globally and will be a catalyst for the region's transformation towards clean, carbon-free energy. Based on the work done together with Quantum Power Asia and Union Energy Corporation, we are confident we have submitted a compelling proposal to EMA in order to create sustainable long-term value both for Singapore and Indonesia."
Finally, Ellen Teo, CEO of Union Energy Corporation and executive director of Union Power, says: "The recent volatility of energy prices and challenges faced by Singapore's electricity market underscores the urgent need to review our supply of renewable energy. We are honoured to partner Quantum Power Asia and ib vogt in this transformational project which will greatly benefit Singapore homes, businesses and the nation at large as we progress towards net zero."
