Singapore, August 21, 2024 – Frontier Power, Enterprize Energy, Japan Interconnector, and Verdana Malaysia have signed a Memorandum of Understanding (MOU) to drive sustainable energy projects in the Asia Zero Emission Community (AZEC) region. This partnership aims to enhance energy security and
support the transition to renewable energy.
Scope of the MOU
The MOU establishes a framework for cooperation on several key projects, including:
- Vietnam-Singapore Electricity Link: An undersea HVDC electricity interconnector project with capacity of up to 2.0 GW for export of renewable energy from Vietnam to Singapore, supporting Singapore’s net-zero targets and Vietnam’s clean energy export ambitions. Frontier Power will lead the development of this project, leveraging its expertise from similar initiatives in Europe, such as the NeuConnect interconnector between the UK and Germany.
- Thang Long Offshore Wind Project (Vietnam): A large-scale offshore wind project in Vietnam with a capacity of up to 6.0 GW, developed by Enterprize Energy. This project will anchor the energy flows for the Vietnam-Singapore Link.
- Regional Interconnectors: Japan Interconnector Inc. will support the Vietnam-Singapore Electricity Link and Thang Long Offshore Wind Project by sourcing Japanese lenders and investors to finance these projects and to create synergies with other interconnectors it is developing among the
Japanese archipelago and the broader Asia-Pacific region. - Carbon Credit Monetization: Verdana Malaysia will utilize its digital platform and know how to issue and monetize carbon credits, enhancing the environmental and commercial value of the projects being developed by the signatories of this MOU, for example the Vietnam-Singapore Link and Thang
Long Wind project
Benefits to the AZEC Region
The collaboration is set to deliver significant benefits to the AZEC region, including:
- Decarbonization: By integrating renewable energy sources and reducing carbon emissions, the projects align with global sustainability and net zero goals.
- Energy Security: Diversifying energy sources and improving infrastructure will ensure a stable and reliable energy supply.
- Economic Growth: The projects will stimulate economic development by creating jobs, fostering technological innovation and developing local expertise in the region.
Commitment to Energy Transition
Aligned with Japan’s Ministry of Economy, Trade and Industry (METI) and the AZEC initiative, this MOU underscores the importance of tailored energy transition pathways. The partnership will harness the expertise of each company to drive forward the region’s decarbonization and energy transition goals.
About the Companies
Frontier Power Developments Pte. Ltd.: A Singapore-based arm of Frontier Power UK, which specializes in the development of subsea interconnectors and offshore transmission. Frontier Power is also involved in offshore wind projects.
Enterprize Energy Group Pte. Ltd.: A prominent developer of renewable energy projects, currently developing the Thang Long Offshore Wind project in Vietnam.
Japan Interconnector Inc.: A Japanese corporation dedicated to developing interconnector projects across the Asia-Pacific region, enhancing regional energy connectivity.
Verdana Malaysia Sdn Bhd: A Malaysian company that provides market access for carbon credits, leveraging digital platforms to quantify and monetize environmental benefits
Quotes from CEOs
Humza Malik, CEO of Frontier Power: “This MOU is a testament to our commitment to pioneering sustainable energy solutions in the AZEC region. By collaborating with esteemed partners, we aim to achieve significant milestones in energy transition and decarbonization.
Ian Hatton, CEO of Enterprize Energy: “We are thrilled to partner with Frontier Power, Japan Interconnector, and Verdana Malaysia to bring innovative energy solutions to Southeast Asia. This collaboration highlights our dedication to environmental stewardship and energy security.
Oliver Senter, Representative Director of Japan Interconnector: “Our focus on developing interconnectors will play a crucial role in enhancing energy connectivity and security across the region. We look forward to contributing our expertise to this landmark initiative.”
Asad Sultan, CEO of Verdana Malaysia: “By monetizing carbon credits, we aim to unlock the environmental value of these projects, supporting the region’s transition to a low-carbon economy