Peak Energy has expanded its solar capacity in Singapore by acquiring a 10MW portfolio from Maiora Renewable Energy. This acquisition aligns with Singapore’s upgraded 2030 solar target and addresses the increasing demand for stable, locally-sourced renewable energy amidst global fuel market volatility. The move strengthens Peak Energy’s position as a leading corporate and industrial rooftop solar platform in the region.
The acquisition comes at a time when Singapore’s reliance on imported natural gas has highlighted the need for energy security. By increasing locally-generated power capacity, Peak Energy aims to provide corporate electricity buyers with greater cost visibility and stability. Gavin Adda, CEO of Peak Energy, stated, “With Stonepeak’s backing, we combine operating assets with newly developed ones to offer corporates offsite PPAs on consistent terms from a bankable counterparty.”
Maiora Renewable Energy, which has operated in Singapore for over a decade, sees this transition as a strategic move to focus on expanding its renewable energy platform in Taiwan and the Philippines. Marzio Keiling, Managing Partner of Maiora, emphasised the importance of finding a partner with financial strength and long-term commitment.
Peak Energy is currently in discussions with Singapore-based industrial and commercial players for long-term virtual power purchase agreements (VPPAs), providing a strong basis for price stability. As geopolitical uncertainties and potential changes to the GHG Protocol Scope 2 Guidance influence corporate renewable procurement strategies, many companies are prioritising local renewable energy options. Peak Energy’s domestic portfolios offer a scalable solution for companies seeking affordable, low-carbon electricity with clear delivery timelines.
