PRNewswire
Singapore, February 28: Peak Energy Development Pte Ltd. ("Peak Energy"), a leading renewable energy developer and independent power producer with operations across Asia, has acquired a 1MW solar rooftop installation in Singapore, further expanding its renewable energy portfolio.
In parallel, Peak Energy has entered into a Virtual Power Purchase Agreement (vPPA) contract with Arkema Pte Ltd. ("Arkema"), a global leader in specialty materials production, for its Symphony Plant located on Jurong Island, the world's largest integrated bio-factory. Through this agreement Peak Energy will help Arkema achieve its Science Based Targets initiative (SBTi)-approved goal of a 48.5% reduction in Scope 1 + 2 greenhouse gas (GHG) emissions by 2030, compared with 2019 levels.
This strategic acquisition and vPPA agreement underscore Peak Energy's commitment to expanding its presence in Singapore, one of the most dynamic markets for renewable energy in Asia, and in the Asia Pacific region in general, focusing in particular on the B2B segment.
Operational since 2023 and located on the roof of Matco Asia Pte. Ltd., a Singapore-based valve automation company, the facility generates around 1 GWh of clean energy annually.
"Peak Energy is dedicated to helping corporates, such as Arkema, reduce their power costs and carbon footprint in a sustainable way. This acquisition and agreement will support our growth in the region, whilst also contributing to Singapore's ambition of achieving net zero emissions by 2050," stated Gavin Adda, CEO at Peak Energy
"Sustainability is a core pillar of Arkema's strategy, and this partnership with Peak Energy is an important step toward achieving our Scope 2 goals for the Jurong Island Plant. By adopting renewable energy solutions, we are strengthening our commitment to environmental responsibility while supporting Singapore's energy transition," said Zoeline Xu, APOC Energy Transition cum Strategic Purchasing Manager at Arkema.
About Peak Energy
Headquartered in Singapore, Peak Energy is an Independent Power Producer that develops, owns, and operates renewable energy assets across Asia. Peak Energy's activities encompass the whole spectre of renewable energy business models, such as utility-scale development, off-site PPAs, onsite PPAs, and energy storage applications, to position itself as the one-stop partner for corporates seeking to decarbonize their operations in Asia Pacific. Peak Energy has almost 300 MW of operating projects across Asia. For more information, please visit https://www.peakenergy.asia. Peak Energy is wholly owned by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately USD 72 billion of assets under management.
About Arkema
Building on its unique set of expertise in materials science, Arkema offers a portfolio of first-class technologies to address ever- growing demand for new and sustainable materials. With the ambition to become a pure player in Specialty Materials, the Group is structured into 3 complementary, resilient and highly innovative segments dedicated to Specialty Materials - Adhesive Solutions, Advanced Materials, and Coating Solutions - accounting for some 92% of Group sales in 2023, and a well-positioned and competitive Intermediates segment. Arkema offers cutting-edge technological solutions to meet the challenges of, among other things, new energies, access to water, recycling, urbanization and mobility, and fosters a permanent dialogue with all its stakeholders. The Group reported sales of around EUR 9.5 billion in 2023, and operates in some 55 countries with 21,100 employees worldwide.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor