Mooreast (SGX:1V3) will commence feasibility studies to develop large-scale renewable energy projects in Timor-Leste after signing a letter of intent with the country's secretariat for electricity.

Shares of the company surged over 8% in Wednesday trading.

The study is for the development of over 500 MW of floating renewable energy projects, according to a Tuesday filing with the Singapore Exchange.

Through the study, the company will conduct assessment of locations around the country's coastline to assess suitable areas for project deployment.