Vena Energy is partnering with Shell Eastern Trading and received conditional approval from Singapore’s Energy Market Authority (EMA) to export 400 MW of solar power from Indonesia’s Riau Islands to Singapore. The EMA granted the conditional approval at the Indonesia International Sustainability Forum in Jakarta. A collaboration agreement was signed between the two companies in August 2023 for cross-border trading of renewable energy.
Further, the project is expected to generate over 2.6 TWh of renewable energy annually through more than 2 GW of solar PV plants and 8 GWh of large-scale battery storage. This will offer Singapore a semi-firm, dispatchable green energy solution, supporting the country’s transition to a low-carbon future.
In August 2024, Vena Energy finalised an investment agreement with MGen Renewable Energy Inc. (MGreen), renewable energy division of Meralco PowerGen Corporation. This agreement is for the joint development of the 550 MW Bugallon Solar Power Project, situated in Bugallon, Pangasinan, under 3 Barracuda Energy Corporation.
REGlobal’s Views: Cross-border trading of renewable energy is gaining traction especially in regions where countries have limited renewable power resources of their own or have restrictions in terms of land and other requisites. Singapore, with its small area and high dependency on fossil fuels, is looking to diversify and decarbonise its energy mix with imports of renewable power from neighbouring nations.
