Peak Energy expands with 10‑MW rooftop solar buy in Singapore

The company will supply fixed-price solar to corporations.

Peak Energy acquired a nearly 10-megawatt rooftop solar portfolio in Singapore from Maiora Renewable Energy, increasing the company’s capacity to provide fixed-price renewable energy to corporate buyers as Singapore works towards an upgraded 2030 solar target.

The acquisition allows Peak Energy to aggregate domestic rooftop capacity for industrial and commercial consumers, according to a press release.

This supply provides an alternative to electricity generation from imported natural gas, which exposes Singaporean companies to price volatility in global fuel markets.

Peak Energy is in discussions with commercial entities regarding long-term virtual power purchase agreements, which offer price stability through energy sourced from local grids.

Demand for domestic generation persists as cross-border low-carbon electricity imports remain in regulatory and infrastructure development stages.

Proposed changes to GHG Protocol Scope 2 Guidance also influence procurement strategies, with updates requiring renewable energy certificates to match the specific grid location of electricity consumption, favouring local production over international imports.

"Singapore's rooftop market still has headroom to meet the country's 2030 solar ambition," Gavin Adda, Chief Executive Officer of Peak Energy, said.

He added that, with Stonepeak's backing, the company can combine operating assets with developed ones to offer off-site Power Purchase Agreements.

Marzio Keiling, Managing Partner at Maiora Renewable Energy, said Maiora Renewable Energy will shift its development focus to Taiwan and the Philippines.

He added that the company sought a partner with the financial strength to manage the Singapore assets.

The deal establishes a source of renewable power for companies seeking to meet decarbonisation goals while managing energy costs.

Distributed generation remains a primary method for volume delivery in Singapore due to land constraints that prevent utility-scale projects, the press release said.