TotalEnergies, RGE JV Gets Green Light To Import Renewable Power To Singapore

TotalEnergies SE TTE and RGE JV disclosed that their equally-owned joint venture, Singa Renewables, has received a conditional license from Singapore’s Energy Market Authority (EMA).

This license permits Singa Renewables to import 1 GW of renewable power from Indonesia.

The partners also signed a memorandum of understanding with Singapore Energy Interconnections (SGEI) to jointly develop a subsea interconnector. This interconnector will facilitate the import of electricity from Indonesia to Singapore.

On May 28, in Jakarta, the partners signed a co-investment agreement to build and operate a hybrid renewable power plant in Riau Province, Indonesia. This plant will comprise a solar farm, a Battery Energy Storage System, and a subsea cable.

This project will supply Clean Firm Power to energy-intensive users in Singapore and industrial facilities situated close to the solar site in Indonesia’s Riau Province.

Helle Kristoffersen, President of Asia and Executive Committee Member at TotalEnergies, said, "The project will contribute to Singapore's goal of reaching net zero emissions by 2050, while supporting Riau Province's economic development in Indonesia. This initiative also illustrates TotalEnergies' commitment to ASEAN's energy transition and security of supply."

RGE managing director Imelda Tanoto called the conditional licence “a key milestone” that affirms the company’s role in advancing the region's collaboration and decarbonization goals.

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX and The 2023 ETF Series Trust II GMO International Value ETF GMOI.

Price Action: TTE shares are down 0.17% at $58.47 at the last check on Friday.

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