NEFIN sets foot in Singapore with plans to invest at least USD 73m

Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.

August 11 (Renewables Now) - Asian green independent power producer (IPP) NEFIN Group has established APAC-focused headquarters in Singapore with plans to invest at least SGD 100 million (USD 73m/EUR 71m) in the island country within the upcoming five years.

Along with its geographical expansion, the company also announced the signing of a memorandum of understanding (MOU) with Singapore's top energy retailer, Tuas Power Supply (TPS). It noted that this is the first of many binding partnerships it intends to create by the end of the year.

The two-year pact will set the corporate framework for the installation and deployment of solar photovoltaic (PV) arrays for Singaporean customers. Tuas Power Supply will be in charge of attracting the clients, while NEFIN will invest in, develop and operate the solar power systems.

"Our short-term goal is to establish meaningful partnerships with key players in the Singapore market who are strong advocates for carbon neutrality," said Glenn Lim, CEO of NEFIN.

NEFIN’s major shareholder is ACEN Corp (PSE:ACEN), which, in turn, is the listed energy platform of Philippine conglomerate Ayala Corporation. The Ayala group aims to achieve 100% renewables by 2025 and become carbon neutral by 2050.

(SGD 1 = USD 0.727/EUR 0.709)

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