YTL PowerSeraya has announced a landmark S$500m transition financing deal with DBS, Maybank, and OCBC to develop Singapore’s first hydrogen-ready Combined Cycle Gas Turbine (CCGT) plant. This initiative, revealed during the Singapore International Energy Week 2025, marks the nation’s inaugural transition finance deal aligned with the Singapore-Asia Taxonomy for Sustainable Finance.
The financing is part of a broader S$1.2b term loan facility, with the banks also acting as joint Sustainability Structuring Advisers. This milestone underscores growing confidence in the commercial viability of transition technologies and sets a precedent for sustainable project financing in the region.
In addition to the financing, YTL PowerSeraya is collaborating with Siemens Energy to retrofit the 396MW Taser Power Plant with an Advanced Turbine Efficiency Package. This upgrade aims to enhance performance and reduce emissions, potentially cutting carbon emissions by up to 11,000 tonnes of CO₂ annually upon completion in December 2025.
Furthermore, YTL PowerSeraya is conducting carbon capture feasibility studies with Air Liquide and GE Vernova for its upcoming 600MW Hydrogen-Ready CCGT at Pulau Seraya Power Station, targeted for completion by 31 December 2027. These studies, supported by the Energy Market Authority’s Power Sector Carbon Capture and Storage Grant Call, aim to explore both pre- and post-combustion carbon capture technologies.
These initiatives position YTL PowerSeraya at the forefront of Singapore’s energy transition, contributing significantly to the nation’s net-zero emission vision by 2050.
