Malaysian oil giant Petronas is reportedly set to buy the Australian renewable assets of German developer Wirsol. With roughly 750 MW of solar and storage projects and nearly double that in development, the deal could be worth between $900 million (USD 625 million) to $1 billion, according to Reuters.
The Malaysian authorities have revealed that they will extend power purchase agreements from the fourth LSS4 tender for large-scale PV from 21 to 25 years.
While near neighbours, the electricity generation of the countries of Southeast Asia couldn’t be further apart. Indonesia burns locally mined coal, Malaysia has reserves of oil and gas, while populous Singapore, Vietnam, and the Philippines, depend on fossil fuel imports. They could all benefit from increased solar imports, but higher grid capacities and interconnection are key for an opportunity to unlock the power of the sun.
Indonesia will have to get to work installing more than 24 GW of solar this year – and every year – if the region is to achieve the 2.1 TW to 2.4 TW of photovoltaics the International Renewable Energy Agency has estimated it will require to achieve a net zero carbon energy system by 2050.
Malaysia’s largest electricity provider Tenaga Nasional Berhad has announced plans to fast track the closure of its coal-fired power plants to hasten the transition of its generation fleet from fossil fuels to renewable sources including large-scale solar PV and green hydrogen.
Singapore’s Energy Market Authority has already attracted proposals for 1.2 GW of renewable electricity, to be generated in four southeast Asian nations, and wants to raise that figure to 4 GW by 2035.
After a decade of under-delivering on its potential, there are changes afoot in Southeast Asia’s renewable energy development, says Assaad W. Razzouk, the CEO of Singapore-based developer Gurin Energy. Razzouk points to success stories in the region and notes that political will and clear regulations for developers are needed.
The floating facility will be built by Japan’s Shizen Energy and will sell power under unspecified conditions to local utility Syarikat Air Melaka Bhd (SAMB).
Compiled by an international research group, the best practices were collected from all available guidelines published by national agencies, regulatory bodies, and trade associations.
Floating PV is a growing niche in the solar sector, but its offshore segment has proven more difficult to activate, largely because of the difficulty of open-water energy generation. Nevertheless, the potential of offshore floating PV is almost unlimited, and one Singaporean firm, G8 Subsea, is looking to leave the safety of harbours and reservoirs.
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