SBI Offshore diversifies into solar energy, announces jv with Germany's Gräss Group

SINGAPORE - SBI Offshore announced on Tuesday that it has entered into a joint venture with Germany's Gräss Group to build and operate solar photovoltaic farms and systems globally.

Catalist-listed SBI Offshore holds a 51 per cent stake in the joint-venture company, Graess Energy Pte Ltd, while Gräss Group's GSS Renewables Pte Ltd owns the remainder. SBI Offshore is currently negotiating the acquisition of existing Gräss Group assets for Graess Energy, including photovoltaic projects that are already up and running.

SBI Offshore's chairman John Chan indicated that this diversification into renewable energy is with an eye towards growing energy demand in the Asia-Pacific region, and will provide a new source of revenue in addition to its base in offshore support services.

As a result of this joint venture, Gräss Group, which has been implementing solar energy projects since 2000, also intends to relocate its headquarters from Switzerland to Singapore.