SINGAPORE - Singapore has not made any commitment to Sun Cable's flagship solar energy project, and therefore bears no financial impact from the company's recent decision to enter voluntary administration, said Trade and Industry Minister Gan Kim Yong on Monday, and was responding to questions from Members of Parliament about the collapse of Singapore's renewable energy targets, and what considerations are in place to assess the commercial risk and implementation of such projects.
In a written reply, Mr Gan said there are abundant renewable energy resources in the region and beyond, and there is considerable interest from companies to bring electricity into Singapore.
The Energy Market Authority EMA received more than 20 proposals for its ongoing Requests for Proposals exercise, with Sun Cable's proposal being one of them.
EMA has clarified technical requirements with Sun Cable as part of the tender process. Singapore has not made any commitments to the Sun Cable project, according to Mr Gan.
Singapore has no financial impact from the recent actions taken by Sun Cable to enter voluntary administration. Sun Cable's flagship project aims to harness solar energy in Australia and send it to the Asia-Pacific region, including Singapore.
The renewable energy company intended to begin construction on a 4,200 km undersea cable in 2024. The firm announced on January 11 that the mega project has fallen short of funds, prompting it to go into voluntary administration.