- The company’s brief statement did not explain the Indonesia project termination.
- The project would have been among various initiatives to generate power from renewables outside the small city-state nation of Singapore and bring it in.
Singapore’s Sembcorp has pulled the plug on a solar project in Indonesia featuring battery storage just a few months after completing work on Southeast Asia’s most extensive battery storage project. Sembcorp made an announcement and a filing with the Singapore Stock Exchange (SGX) on Monday (27 March) to the effect that its joint development agreement (JDA) for the large-scale integrated solar PV and battery storage project in the Batam, Bintan and Karimum region of Indonesia has been terminated.
According to Sembcorp, the parties mutually agreed to the JDA’s termination, which it claimed would have no material impact on Sembcorp’s earnings per share or net tangible assets per share for the financial year ending 31 December 2023. Also, the company’s brief statement gave no explanation for the Indonesia project termination.
Sembcorp said it remained committed to supporting the ASEAN region’s energy transition with reliable energy supply solutions and “continues to develop, and is engaged in several initiatives, to import energy from the region”. The project would have been among various initiatives to generate power from renewables outside the small city-state nation of Singapore and bring it in. Singapore lacks the land and grid infrastructure to meet its domestically generated renewable energy demand.
Source: Energy Storage News