Peak Energy Acquires Solar Rooftop Project in Singapore, Enters into Long-Term Virtual Power Purchase Agreement with Arkema

Peak Energy Development Pte Ltd. (“Peak Energy”), a leading renewable energy developer and independent power producer with operations across Asia has acquired a 1MW solar rooftop installation in Singapore, further expanding its renewable energy portfolio.

In parallel, Peak Energy has entered into a Virtual Power Purchase Agreement (vPPA) contract with Arkema Pte Ltd. (“Arkema”), a global leader in speciality materials production, for its Symphony Plant located on Jurong Island, the world’s largest integrated bio-factory. Through this agreement, Peak Energy will help Arkema achieve its Science Based Targets initiative (SBTi)-approved goal of a 48.5% reduction in Scope 1 + 2 greenhouse gas (GHG) emissions by 2030, compared with 2019 levels.

This strategic acquisition and vPPA agreement underscore Peak Energy’s commitment to expanding its presence in Singapore, one of the most dynamic markets for renewable energy in Asia, and in the Asia Pacific region in general, focusing in particular on the B2B segment.

Operational since 2023 and located on the roof of Matco Asia Pte. Ltd., a Singapore-based valve automation company, the facility generates around 1 GWh of clean energy annually.

Gavin Adda, CEO of Peak Energy, emphasized the company’s commitment to helping corporates like Arkema reduce power costs and carbon footprints sustainably. He added that the acquisition and agreement will support regional growth and contribute to Singapore’s net-zero emissions target by 2050.

Zoeline Xu, APOC Energy Transition and Strategic Purchasing Manager at Arkema, highlighted that the partnership with Peak Energy is a key step in achieving Scope 2 goals for the Jurong Island Plant, reinforcing Arkema’s commitment to sustainability and supporting Singapore’s energy transition.