Quantum Power Asia and Germany’s ib vogt Announce Partnership to Construct a US$5 Billion 3.5 GW+ Solar Plant and Storage Facility in Riau, Indonesia

SINGAPORE, April 19, 2022: Quantum Power Asia ("Quantum Power"), the developer of Indonesia's first utility-scale solar photovoltaic (PV) plant, and German solar energy turnkey solutions provider, ib vogt, announced today a partnership to build US$5 billion solar generation and storage facility which can export up to 4TWh of renewable energy to Singapore annually.

The project covering over more than 4,000 hectares in the Riau Islands south of Singapore will be capable of generating more than 3.5 GW of solar PV and storing 12 GWh of renewable energy which is intended for export to Singapore via an undersea cable.

Quantum Power designs, finances and operates renewable energy systems across Asia, and developed Indonesia's first unsolicited utility-scale solar PV power plant which is now in operation. Headquartered in Berlin, Germany, ib vogt focuses on the global development of PV plants and the intensified development of battery storage projects with a global project pipeline of more than 40,000 MW. The company offers all integral services of the value chain from development, financing, EPC and O&M to asset management in house. Ib vogt is firmly committed to supporting the decarbonization of the global electricity sector.

Anantara Energy Holdings Pte Ltd ("Anantara"), its joint-venture with Berlin-based ib vogt, is a long-term partnership to develop renewable energy in Indonesia and support Singapore's call to import such clean energy.

Singapore-registered Anantara has responded to Singapore's Energy Market Authority (EMA) request for proposals (RFP) to obtain licenses to supply and import clean energy from neighbouring countries including Indonesia. The RFP is part of Singapore's ongoing initiatives to achieve carbon neutrality by 2050. When fully commissioned in 2032, the proposed Anantara project is expected to deliver about 8% of Singapore's annual electricity generation, thereby reducing the grid's current reliance on liquefied natural gas.

Anantara has in turn partnered with Union Power Pte Ltd (a subsidiary of Union Energy Corporation), an electricity retailer in Singapore, which will handle connectivity of imported clean energy and related services to residential, industrial and commercial customers. EMA-licensed Union Power currently retails electricity to about 22,000 retail customers in Singapore.

Anantara has secured agreements from corporates in Singapore, including MNCs and local businesses, to supply more than 4TWh a year of imported clean energy to meet their energy needs and achieve sustainability goals in line with RE100 commitments.

The formal joint-development agreement for the Anantara partnership, Anantara's Memorandum of Understanding with Riau Islands Province, and the agreement between Anantara and Union Energy Corporation were signed today in the Indonesian embassy in Singapore in the presence of Ambassador His Excellency Mr Suryo Pratomo and the Governor of the Province Mr Ansar Ahmad.

The JV is expected to benefit Indonesia and Singapore by supporting new businesses, creating up to 30,000 new jobs in Riau Islands and opening up fresh opportunities in the renewable energy sector in the region.

Emphasising corporate social responsibility, Anantara team members have spent extensive time in the Riau Islands to develop programmes to empower local communities and incorporate sustainability as a cornerstone of the project. Key focus areas include developing hyper-local supply chain linkages and providing skills training to the local community.

Anantara will also initiate business activities to involve local micro, small and medium enterprises to achieve deep impact on the local communities. These initiatives will help build and rehabilitate the necessary facilities, improve energy efficiency and open up opportunities to develop infrastructure while improving access to clean water, sanitation, education and employment.

Simon G. Bell, Managing Director and CEO, Quantum Power Asia, said: "We are excited to partner ib vogt and present this major integrated initiative to EMA. Should we be successful in being awarded an import licence to Singapore, we will bring up to US$5 billion of capital into Indonesia from Singapore, creating more than 30,000 jobs to build what will become the largest PV-Storage System globally to date. It will also contribute significantly to Singapore's journey towards carbon neutrality."

Anton Milner, Managing Director (CEO), ib vogt, said: "This bilateral energy import initiative is a landmark project globally and will be a catalyst for the region's transformation towards clean, carbon-free energy. Based on the work done together with Quantum Power Asia and Union Energy Corporation, we are confident we have submitted a compelling proposal to EMA in order to create sustainable long-term value both for Singapore and Indonesia."

Ellen Teo, CEO of Union Energy Corporation and Executive Director of Union Power, said: "The recent volatility of energy prices and challenges faced by Singapore's electricity market underscores the urgent need to review our supply of renewable energy. We are honoured to partner Quantum Power Asia and ib vogt in this transformational project which will greatly benefit Singapore homes, businesses and the nation at large as we progress towards net zero."