EDB earmarks $680mln fund to build solar ecosystem

Initiative aims to drive research, test-bedding and commercialisation of solar power.

The Singapore Economic Development Board (EDB) has set aside some S$680 million to build a solar energy ecosystem over the next 5 years, according to an EDB report.

About half - or S$350 million - of the fund will go towards developing the clean energy sector and the rest will go into developing water and waste management solutions.

The move, supported by the Building and Construction Authority (BCA) and funded by the National Research Foundation (NRF), aims at boosting research capabilities, including the development of more R&D centres.

This will make it more conducive for businesses in the sector to innovate, do research, test-bed products and commercialise them. Existing businesses in the sector can also tap on the funds to expand their operations. Another use of the funds will be in growing manpower capabilities - of which there is a current dearth.

This announcement comes as experts forecast that clean energy investments in Asia could double this year to US$70 billion.