Singapore – 8 September 2023: Gurīn Energy Pte Ltd, a pan-Asia renewable energy company headquartered in Singapore, announces that its joint venture Vanda RE, 75% owned by Gurīn Energy and 25% owned by Gentari International Renewables Pte Ltd, has been awarded a Letter of Conditional Approval from Singapore’s Energy Market Authority (EMA) for the import of low carbon electricity from Indonesia to Singapore.
This comes on the back of Singapore’s constant efforts to reduce the carbon footprint of its power sector by importing 30% of its electricity from lower carbon sources by 2025.
Together with fellow members of the Sustainable Energy Association of Singapore, EDPR Renewables APAC, and Keppel Energy, Vanda RE has formed the Pathfinder Consortium to build a 1GWac subsea cable for the trading of green electrons between Indonesia and Singapore.
Gurīn Energy, a portfolio company backed by Infratil Limited(IFT), and managed by specialist infrastructure investor Morrison & Co. Infratil Limited, holds a developmental pipeline of over 30GW across four continents and 29 markets and has relayed the success back to Gurīn Energy in Singapore.
The conditional license was one of five announced jointly by the Indonesian and Singapore governments to establish a green electricity trading corridor between the two countries.
Gurīn Energy’s infrastructure projects plan to deliver 300MW of renewable energy to the Singapore market commencing 2027, to meet EMA’s 75% load factor requirement.
The power generation is planned on the Riau islands and underpinned by 2,000MW of Solar Photovoltaic installed capacity and c. 4,400 MWh of battery storage, one of the largest such planned projects in the world.
Vanda RE is a member of the Sustainable Energy Association of Singapore and together with fellow members EDPR Renewables APAC and Keppel Energy forms the Pathfinder Consortium. Each member of this Consortium has been awarded a conditional license. The Consortium plans to build a 1GWac subsea cable to allow the trading of green electrons between Indonesia and Singapore through the
Green Corridor Indonesia project, which aims to provide Indonesia with multiple economic and social benefits including:
o Establishing Indonesia as a vital link in the global clean energy supply chain;
o Attracting leading Tier 1 global suppliers of clean energy technologies to invest in new
manufacturing facilities, allowing equipment to be sourced locally in Indonesia,
complementing equipment imported from overseas;
o Creating tens of thousands of skilled clean energy technology jobs;
o Meeting local renewable energy supply demand and supporting local communities’ energy needs; and,
o Mobilising US$50 billion in foreign direct investment into Indonesia.
As part of its investment in generation and storage facilities, Vanda RE and the Pathfinder Consortium will partner with leading global Tier 1 PV and battery energy storage suppliers committed to investing in solar PV and Battery Energy Storage Systems manufacturing plants in Indonesia, which will assist in the development of a renewable energy local manufacturing industry.
Assaad W. Razzouk, CEO of Gurīn Energy, said: “Transitioning economies to clean energy is crucial to fighting climate change. A key enabler is the regional grids focused on green electrons and we are delighted to be associated with Indonesia’s and Singapore’s significant efforts in this regard. We are excited to be able to play our part – through Vanda RE’s nearly US$3 billion planned project – in helping to mobilise foreign direct investment for Indonesia and in supporting the de-carbonisation of Singapore’s energy supply to fuel ASEAN lifestyles with clean energy.”
Vimal Vallabh, Global Head of Energy at Morrison & Co and Chairman of Gurīn Energy, said: “Our ambition is to expand our presence in Asia, and we’re excited to be working with the Gurīn team to make a significant contribution to the region’s growing demand for electricity and increasing national commitments to decarbonisation. Following the establishment of Gurīn in 2021, we have been building our team in Singapore to enable clients to invest in local infrastructure. Morrison & Co has been investing in renewable energy since 1994, partnering with and backing experienced teams to develop and operate high-quality renewable energy portfolios around the world.”