Peak Energy has made significant strides in Singapore’s renewable energy sector by acquiring a 1MW solar rooftop project. This installation is expected to generate approximately 1 GWh of clean energy annually for Arkema Pte Ltd., a global leader in specialty materials production.
In conjunction with this acquisition, Peak Energy has entered into a long-term Virtual Power Purchase Agreement (vPPA) with Arkema for its Symphony Plant, located on Jurong Island, the largest integrated bio-factory in the world. This partnership aims to support Arkema in achieving its Science Based Targets initiative (SBTi)-approved goal of reducing Scope 1 and 2 greenhouse gas (GHG) emissions by 48.5% by 2030, compared to 2019 levels.
This strategic move highlights Peak Energy’s commitment to expanding its footprint in Singapore, a rapidly growing renewable energy market in Asia, particularly in the B2B sector. The solar rooftop facility, operational since 2023 and situated on the roof of Matco Asia Pte. Ltd., a valve automation company based in Singapore, will contribute significantly to clean energy generation.
Gavin Adda, CEO of Peak Energy, underscored the company’s dedication to helping businesses like Arkema lower their power costs and carbon footprints sustainably. He emphasized that this acquisition and agreement will facilitate regional growth and assist Singapore in reaching its net-zero emissions target by 2050.
Zoeline Xu, the Energy Transition and Strategic Purchasing Manager at Arkema, noted that this collaboration with Peak Energy is a crucial step towards achieving the Scope 2 goals for their Jurong Island Plant, reinforcing Arkema’s commitment to sustainability and aiding Singapore’s energy transition.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/peak-energy-expands-renewable-portfolio-with-acquisition-of-solar-rooftop-project-in-singapore-and-long-term-agreement-with-arkema/
