The Governments of Singapore and Indonesia have signed a memorandum of understanding (MOU) to develop renewable energy projects for domestic use and export. The agreement was signed between the members of the Sustainable Energy Association of Singapore (SEAS) and partners to launch the Green Corridor Project. The initiative is expected to generate around USD50 billion in foreign direct investments (FDI) for Indonesia.
Plans include the development of solar power, green hydrogen, and battery energy storage systems (BESS). in Indonesia. Energy generated from these planned projects will be used for domestic usage as well as cross-border export to Singapore.
Under the MoU, the two governments will also work together to attract capital inflows to develop the RE projects.
