Source:Business Times
ONE of the first hydrogen-ready power plants in Singapore has advanced into its next phase of development, with its project developer in talks with banks to raise funds for the estimated project cost of S$800 million.
Industry players, at the same time, are optimistic that Singapore is leading the region to be hydrogen ready and realise hydrogen-powered electricity.
YTL PowerSeraya has officially commenced the development of the 600-megawatt combined cycle gas turbine (CCGT) on Jurong Island, which is set to be completed by end-2027.
John Ng, group chief executive officer at YTL PowerSeraya, told The Business Times at the groundbreaking ceremony on Wednesday (Oct 23) that the current focus is to get the project ongoing, and the next step is the financing. “We were talking to the banks on the financing, so it’s still early days on that.”
Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, said at the ceremony: “We expect Singapore’s system peak demand to continue to grow by about 3 per cent to 5 per cent per annum over the next decade to support the growth in economic activities and digitalisation.
“The completion of this new CCGT by 2027 will allow us to meet this rising demand.”