The Singapore Institute of Management (SIM) has entered into a 14-year power purchase agreement with Peak Energy to install an onsite solar system at its Clementi Road campus. This initiative is expected to deliver approximately 1,100 MWh of solar energy annually, reducing SIM’s energy rates by over 45% without any upfront capital investment.
Under the agreement, Peak Energy will design, finance, build, own, and operate a 900 kWp solar installation. The project offers SIM a stable energy rate significantly lower than current electricity prices, providing price certainty amidst volatile energy markets. Gavin Adda, CEO of Peak Energy, highlighted the partnership’s benefits, stating, “We’re able to give an institution like SIM a clear structural way to unlock significant cost savings whilst securing reliable power for the long term.”
This move comes as Singapore faces some of the highest power prices in the region, exacerbated by increased demand from data centres and AI-driven electricity needs, as well as reliance on imported gas. The solar agreement aligns with SIM’s sustainability goals, as noted by Vincent Siow, Senior Lead at SIM, who said, “This agreement is a discernible step in that direction, bringing onsite solar to our Clementi Road campus.”
The partnership reflects a broader trend among educational institutions in Singapore to adopt renewable energy solutions, reducing reliance on grid electricity and lowering their environmental impact.
