The agreement took place during an exchange ceremony on the sidelines of the Asean Summit in Kuala Lumpur, Malaysia on May 26. It will explore Vietnam’s offshore wind power as a source for green electron generation and to supply clean electricity across borders.
Renewable energy from Vietnam will reach Malaysia and Singapore via a new subsea cable, wheeled in and through the Peninsular Malaysia National Grid with potential additional firming renewable energy and storage.
Singapore has a target to import around 6 gigawatt (GW) of low-carbon electricity by 2035, which is around one- third of the nation’s energy demand then.
“This agreement highlights Singapore’s strategic role as a demand centre and a key enabler of cross- border power imports to support its decarbonisation goals. We are committed to support Asean’s low-carbon transition through shared infrastructure and strengthened partnerships,” says Wong Kim Yin, CEO of Semcorp Industries.
See also: SMBC CSO discusses Japan’s energy future
Shares in Sembcorp closed 9 cents higher or 1.37% up at $6.65 on May 26.
