Boon Lay Street Solar Rooftop
This improves Singapore’s energy security – increasing the locally-generated power capacity in an uncertain geopolitical environment. The acquisition also expands Peak Energy’s ability to provide immediate renewable energy to leading regional corporates looking to cut costs and carbon as fossil fuel prices spike.
With utility-scale renewable energy not a realistic option in Singapore’s land-constrained environment, corporate decarbonization demand increasingly relies on distributed generation. Delivering meaningful volumes to large buyers therefore depends on the ability to aggregate volumes and offer standardised contracting and performance reporting.
In Peak Energy, we found the ideal partner.”
What the acquisition enables for corporate buyers
The acquisition increases the volume of operating domestic rooftop capacity that Peak Energy can aggregate for Singapore-based corporate and industrial buyers.
Peak Energy is currently in advanced discussions with Singapore-based industrial and commercial players on long-term virtual power purchase agreements (VPPAs) for locally sourced renewable energy, providing a strong basis for price stability for Singaporean corporates.
Why corporates are prioritizing domestic renewables
Corporate renewable procurement in Singapore is being shaped by a range of factors. Among the most significant is geopolitical uncertainty, which plays a crucial role due to Singapore’s continued reliance on imported fossil fuels, especially LNG. This dependence exposes large energy consumers to fluctuations in power prices, complicating efforts to secure stable, long-term energy supply.
Cross-border low-carbon electricity imports remain strategically important, but they stem from complex multi-jurisdiction infrastructure projects. Many are still progressing through Conditional Approvals, Conditional Licences and other regulatory processes in different countries. While supply is expected to ramp up over time, corporate buyers are increasingly factoring in the risk that the imported electricity may not be priced at the low levels many had hoped for.
In parallel, proposed changes to the GHG Protocol Scope 2 Guidance, while still in technical consultation, could potentially require renewable energy certificates (RECs) to be matched to the same grid location as electricity consumption, thereby reducing the validity of certificates sourced from external countries.
In this context, many corporates are prioritising local renewable energy procurement options.
“When Scope 2 Guidance starts asking ‘when and where was the clean power actually delivered?’, leading corporates in Singapore will naturally gravitate to solutions they can defend. Imports are part of the long-term picture, but domestic operating capacity is what you can contract against now” Gavin Adda added.
Peak Energy’s domestic portfolios and long-term procurement offerings provide a simple, immediate and scalable solution for companies that want to purchase large quantities of affordable, low-carbon electricity with clear delivery timelines.
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