Temasek-backed Sunseap to build $2b floating solar farm in Indonesia

Solar Panels. Photo: Pixabay

Singapore’s Sunseap Group says it plans to spend $2 billion to build the world’s largest floating solar farm and energy storage system in neighbouring Indonesian city Batam, which will double its renewable power generation capacity.

The floating photovoltaic system is expected to have a capacity of 2.2 gigawatt-peak (GWp), and will be located on the Duriangkang Reservoir in Batam Island spanning around 1,600 hectares, Sunseap said in a statement.

The company and Batam Indonesia free zone authority, Badan Pengusahaan Batam (BP Batam), said they signed a memorandum of understanding on Monday for the project.

“This single project will double our entire portfolio, more importantly, build our capability towards hyperscale solar and energy storage projects,” Frank Phuan, co-founder and chief executive of Sunseap told Reuters.

“Floating solar systems will go a long way to address the land constraints that urbanised parts of Southeast Asia face in tapping renewable energy,” said Phuan.

Sunseap Group is a solar energy system developer, owner and operator in Singapore, with over 2000 MegaWatt-peak (MWp) of solar energy projects contracted across Asia.

In March, it completed a 5 MWp floating photovoltaic system offshore Singapore along the Straits of Johor.

Construction of the project, which will be financed through bank debt and Sunseap capital, is due to begin in 2022 and is planned for completion in 2024, the company said.

According to Sunseap, the energy generated and stored will supply non-intermittent solar energy around the clock.

A portion of the green energy will be consumed within Batam, while the balance could potentially be exported to Singapore approximately 50 kilometres away via a subsea cable. Batam currently has a total power generation capacity of 540MW from gas, steam and diesel plants, according to BP Batam’s website.

“This investment by Sunseap will be a timely boost for Batam’s industries as they seek to reduce the carbon footprint of their operations,” Muhammad Rudi, chairman of BP Batam said in the statement.

Sunseap is in the process of weighing an initial public offering in the city-state.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.