Clean energy investments worth $500m over 5 years set to create 400 jobs

Rows of solar panels are installed near the Marina Bay Sands hotel and Gardens by the Bay in Singapore.
Rows of solar panels are installed near the Marina Bay Sands hotel and Gardens by the Bay in Singapore. PHOTO: REUTERS

SINGAPORE - The Singapore Economic Development Board has secured six clean energy investments worth $500 million over the next five years.

The investments by six firms will collectively create 400 jobs, said Dr Koh Poh Koon, Senior Minister of State for Trade and Industry, on Tuesday (Oct 24).

He announced this in his opening remarks for the Asia Clean Energy Summit 2017, on the second day of the Singapore International Energy Week 2017.

Envision Energy, a Chinese company, will set up its global digital energy hub in Singapore, while Germany-based VDE Renewables is investing $20 million to set up an energy storage testing and certification lab.

Solar firm GCL, wind company Hover Energy and Jiangsu Linyang, which specialises in smart meters and solar energy, are establishing their regional headquarters in Singapore for sales, operations, finance, treasury and other various management functions for the Asia-Pacific.

Narada will set up its regional Energy Storage Solution Centre of Excellence in Singapore to develop co-innovation opportunities with companies here.

Singapore's microgrid capabilities also received a boost on Tuesday. Announced at the event were multiple memoranda of understanding and partnerships taken by Nanyang Technological University's Renewable Energy Integration Demonstrator-Singapore (REIDS) on Pulau Semakau, which is the largest mini power grid test bed in South-east Asia.

"Investments from diverse companies in the clean energy space are testimony to the fact that Singapore remains a choice location for companies to innovate and commercialise technologies," said Dr Koh at the event held at the Sands Expo and Convention Centre at Marina Bay Sands.

"We welcome companies from around the world to work together with us to be at the forefront of this exciting energy transformation, and develop solutions for the fast-growing region."