New JV to build USD5 billion solar park in Indonesia

Quantum Power Asia and Germany-based Ibvogt GmbH have announced plans to jointly invest USD 5 billion to develop a 3.5 GW solar facility in Indonesia’s Riau Islands and exportthe electricity generated to Singapore.

The project will be executed through a joint venture (JV) between the two partners called Anantara Energy Holdings Private Limited. The JV has already applied for licences to import electricity into Singapore from countries in the region, including Indonesia, under a call issued by Singapore’s Energy Market Authority (EMA). Plans for the solar facility include the construction of a large-scale solar farm with 12 GWh of battery storage capacity. Expected to be fully in operation in 2032, the complex will be able to export up to 4 TWh of electricity to Singapore annually through a subsea cable network. It is estimated that the solar complex would be able to meet about 8 per cent of Singapore’s annual power requirements.