Sembcorp Utilities, a wholly-owned subsidiary of Sembcorp Industries, has entered an alliance with corporates from Malaysia and Vietnam to evaluate the feasibility of exporting renewable energy to Singapore.
This partnership is with MY Energy Consortium and Petroliam Nasional Berhad, and a consortium comprising PetroVietnam Technical Services Corporation, and Sembcorp Utilities.
The agreement took place during an exchange ceremony on the sidelines of the Asean Summit in Kuala Lumpur, Malaysia on May 26. It will explore Vietnam’s offshore wind power as a source for green electron generation and to supply clean electricity across borders.
Renewable energy from Vietnam will reach Malaysia and Singapore via a new subsea cable, wheeled in and through the Peninsular Malaysia National Grid with potential additional firming renewable energy and storage.
Singapore has a target to import around 6 gigawatt (GW) of low-carbon electricity by 2035, which is around one- third of the nation’s energy demand then.
“This agreement highlights Singapore’s strategic role as a demand centre and a key enabler of cross- border power imports to support its decarbonisation goals. We are committed to support Asean’s low-carbon transition through shared infrastructure and strengthened partnerships,” says Wong Kim Yin, CEO of Semcorp Industries.
Shares in Sembcorp closed 9 cents higher or 1.37% up at $6.65 on May 26.
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