Singapore Renewable Energy Imports Overview

 

Singapore is likely to reduce its dependency on electrical energy and invest in a greener future. Singapore is aiming to develop its solar energy sector. The Singapore government is about to import renewable energy from the foreign countries.

Currently, Singapore makes 90% of its total electricity from natural gas that affects the country's economy. That is why, the Singapore government has planned to import 30% of its electricity from solar energy by 2030.

The government has signed some trade pacts with Indonesia, Cambodia, Thailand, Malaysia and India to import greener energy. As per Singapore import export data reports, Indonesia is currently the major export market for renewable energy to Singapore.

According to the Singapore customs data reports of April 2022, Quantum Power Asia from Singapore along with its partner IB Vogt (Germany based company) invested around 6.5 billion dollars to generate 3.5 GW solar energy.

 

And to store 12 GW hour battery storage convenience in Riau Islands in Indonesia. Currently, they are in talks with SIngapore Energy Market Authority to transport this electricity to Singapore by 2032. This will resolve the country's 8% electricity needs. In the fiscal year 2021, an Indonesian renewable energy company Suryagen had signed a pact to develop a 1GW solar capacity system for export to Singapore.

On the other hand, a power purchase agreement (PPA) was signed between a Singapore based company, "Keppel Electric" and Laos based company, "Electricite du Laos" to export 100 MW of green energy from Laos to Singapore.

India is also about to become a major green energy exporter to Singapore. Singapore would become India's first green energy buyer. India and Singapore have recently signed a pact to export green energy from India to Singapore.

As per Singapore import data statistics, around 250K tonnes of green hydrogen would be supplied annually from India to Singapore's Keppel company. This energy would be used in a 600 Mw power plant in Singapore.

Another Singapore based company, Greenko, would import green hydrogen from India by 2025. It could be around 50 million tonnes annually. This green hydrogen export from India would generate carbon free energy and lower the cost.

While in terms of exports, there was around 14% decline in the exports of solar energy as per Singapore export data reports. Recently, Malaysia lifted the ban on solar energy exports. That's a great thing for Singapore as it is eyeing carbon free energy by 2050. The government is currently building a 4.200 KM underwater cable for smooth export of energy from Asian suppliers.

India is becoming a major solar energy market along with China, Malaysia, Japan and Germany. Through the Exim Global Trade Intelligence System, Singapore companies can discover top green energy markets. This tool comes with the import export data reports of over 200+ countries.

Singapore companies can perform detailed research on the global green energy market. Through this tool, they can discover top solar products imports, exports, price, countries, quantity evaluation and identify genuine importers, exporters globally. This would help scale green energy business and make a contribution to the greener future.