Singapore’s Aslan Energy Capital (AEC) and Indonesia’s PT Calypte Sugi Power have signed an agreement to develop a power generation hub on Sugi Island, in Indonesia’s Riau Islands Province.
The partnership aims to develop large-scale solar and sustainable clean power generation capacity.
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PT Calypte Sugi Power chief development director Han Fook Kwang stated: “We are delighted with the partnership we have secured and engaged with Aslan Energy Capital as the development partners for our Sugi island power project.
“Since we launched our planning to develop a sustainable power generation base in Riau Islands, we have been carefully selective in appointing a partner developer. Aslan Energy Capital’s corporate vision and team experience and understanding of the Indonesian market dynamics gave us the comfort to progress in this partnership.
“The feasibility studies have been completed with reassuring results and the project is advancing with the detailed project engineering in the coming months, with FID [the final investment decision] targeted in Q2 [the second quarter of] 2025.”
The initial phase of the project targets the creation of 1GW of solar power production capacity by the third quarter of 2026.
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By GlobalDataThere are definitive plans to expand this capacity to a combined 2GW by the fourth quarter of 2027.
Aslan Energy Capital CEO Dr Muthu Chezhian stated: “The Sugi Power Hub is a key component in our group’s strategic mission of developing a sustainable energy value chain portfolio.
“The unique geographic location, relatively flat terrain and good solar irradiance conditions of Sugi Island make a compelling case to establish the power arm of our value chain and accelerate the progress in achieving the ESG [environmental, social and governance] goals and SDG [sustainable development goals] targets of Riau Province as well as Indonesia’s overall ambition to be a green energy leader in SE Asia.
“Indonesia is our group’s key strategic hub in Asia Pacific and our group remains committed to ensuring the success of the integrated portfolio of developments we have successfully originated in the country.”
AEC is a platform specialising in project development, operations and new energy assets, with a focus on the renewable hydrogen, renewable ammonia and sustainable energy value chain.
PT Calypte Sugi Power serves as a special-purpose vehicle dedicated to the development of power generation on Sugi Island.
