Singapore-based Peak Energy has signed a 14-year power purchase agreement (PPA) with the Singapore Institute of Management (SIM) to supply approximately 1,100 MWh of solar electricity annually to SIM’s Clementi Road campus.
Under the agreement, Peak Energy will design, finance, build, own and operate an approximately 900 kWp on-site solar installation. SIM will purchase the electricity generated by the system under the long-term PPA, while Peak Energy will remain responsible for the operation and maintenance of the installation throughout the contract period. The project will enable SIM to use renewable electricity without making any upfront capital investment.
The agreement is expected to reduce SIM’s electricity costs by more than 45 per cent compared with prevailing power prices. The project adds to Peak Energy’s renewable energy portfolio in Asia Pacific, where the company has more than 300 MW of operating assets and approximately 2 GW of projects under development across Japan, South Korea, Australia, Taiwan, the Philippines, Thailand, Singapore and Indonesia.