The UAE’s renewable energy company Masdar has signed a memorandum of understanding (MoU) with Singapore’s Tuas Power, France’s EDF Renewables and PT Indonesia Power to develop renewable energy within Indonesia and to export it to Singapore.

The agreement envisages the development of solar photovoltaic (PV) facilities with a capacity of as much as 1.2 gigawatts (GW), and potential associated storage, Masdar said in a statement on Tuesday.

Singapore expects to import 4 GW of low-carbon electricity by 2035, which would constitute 35 percent of its total supply. The nation’s Energy Market Authority issued a request for proposal (RFP) last October to appoint suppliers to import and sell around 1.2 GW of electricity into Singapore.

Masdar entered the Indonesian market in 2020, forming a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company, to develop the Cirata Floating Photovoltaic Power Plant, Asia's largest. Masdar announced financial close on the project last August, and it is expected to begin commercial operation in the fourth quarter of this year.

Masdar, which is wholly owned by Abu Dhabi strategic investor, Mubadala Investment Company, has a total of 14 GW of renewable energy projects throughout the world, representing a combined investment of more than $20 billion.

(Reporting by Brinda Darasha; editing by Seban Scaria)

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