JAKARTA (BLOOMBERG) - Renewable energy developer Quantum Power Asia Pte agreed to advance a potential US$5 billion (S$6.83 billion) plan to export clean electricity to Singapore as the city-state attempts to accelerate its use of renewables.

Quantum and Berlin-based partner Ib Vogt GmbH aim to construct a 3.5-gigawatt solar facility and 12 gigawatt-hour battery storage facility across 4,000 hectares of land in Indonesia's Riau Islands, the companies said on Tuesday (April 19) in a joint statement.

The project would be connected to Singapore via undersea cable.

Singapore, which currently generates about 95 per cent of its electricity from imported gas, is aiming to import enough clean energy from overseas to meet 30 per cent of its needs by 2035.

Quantum and Ib Vogt's Anantara joint venture is among firms to have submitted proposals to Singapore's Energy Market Authority, which plans to approve a slate of projects for renewable power imports.

Projects to deliver renewable hydropower from Laos via Thailand and Malaysia, and a giant undersea cable to bring in solar electricity from the north of Australia are among other solutions put forward for Singapore.

The project could be fully commissioned in 2032 and capable of supplying about 8 per cent of Singapore's electricity, according to the companies.

Achieving that ambition would require the firms to deliver the world's largest-ever solar and storage system, and also hinges on securing financing.

The partners are currently in talks with banks and expect to finalise lenders in the next two years, Quantum said.