Mooreast To Launch Feasibility Studies For Up To 500 MW Of Floating Renewable Energy Projects In Timor-Leste, Advancing The Nation’s Clean Energy Goals

Singapore Exchange Catalist-listed Mooreast Holdings Ltd. announced that it will begin feasibility studies this month to develop large-scale renewable energy projects of up to 500 megawatts in Timor-Leste. The initiative marks a significant step in Mooreast’s efforts to expand its presence in the renewable energy sector and contribute to Timor-Leste’s clean energy transformation and sustainable development goals.

The feasibility studies will proceed following the signing of a Letter of Intent between Mooreast and the Secretario de Estado de Electricidade Agua e Saneamento (SEEAS), the secretariat responsible for electricity, water, and sanitation under Timor-Leste’s Ministry of Public Works. The agreement outlines plans to develop between 300 and 500 megawatts of floating renewable energy over a five- to ten-year period. Mooreast will conduct detailed due diligence and assess potential offshore locations along Timor-Leste’s coastline for the development of projects that can generate power through floating wind, solar, hydroelectric, tidal, current, and wave technologies.

The Letter of Intent forms part of a broader Renewable Energy Development Plan, which will be implemented in two phases. The plan aims to accelerate the development of Timor-Leste’s abundant renewable energy potential, especially the strong wind resources available along the northern and southern coasts. Timor-Leste, a country covering about 15,000 square kilometres and sharing borders with Indonesia and Australia, currently depends heavily on diesel-fired power plants for its energy needs. The government has set a target of achieving 100 percent national electrification by 2030 by diversifying into renewable energy sources.

Under the Renewable Energy Development Plan, Mooreast will also assist in upgrading grid transmission and infrastructure to support renewable energy integration. The company will set up pilot microgrids for remote communities, explore opportunities to export power and hydrogen fuel, and introduce smart-grid technologies and energy storage systems.

These efforts are intended to create a reliable, sustainable, and future-ready energy ecosystem for the country. Mooreast has been granted 12 months of exclusivity to conduct feasibility studies, evaluate the technical and commercial viability of the proposed projects, and develop financing and business models. After this period, both parties are expected to formalize their partnership through a Project Development Agreement, likely to be signed in the first half of 2026.

The agreement is expected to define several key components, including the formation of joint ventures for project development, the creation of financing models with green finance and fiscal incentives, co-investment opportunities with sovereign and institutional investors, the roles and responsibilities of Timor-Leste’s state-owned utility Electricidade de Timor-Leste (EDTL), Mooreast’s involvement in engineering, procurement, construction, and installation, and the structure of long-term Power Purchase Agreements.

Mooreast, a specialist in the offshore and marine industry, provides mooring and rigging solutions and is the only designer and manufacturer of ultra-high power anchors in Asia. The company has been steadily expanding its footprint across Europe and Asia, driven by the global growth of floating wind and other offshore renewable energy technologies.

Commenting on the initiative, Mooreast’s Chief Executive Officer, Eirik Ellingsen, said that Timor-Leste has significant potential for floating renewable energy, which can be harnessed to support economic growth and national sustainability objectives. He added that the company is eager to leverage its technical expertise and international network to help Timor-Leste meet its electrification goals while promoting a cleaner and greener energy future. Through this initiative, Mooreast aims to play a central role in shaping Timor-Leste’s renewable energy landscape and strengthening its position as a leader in offshore renewable energy development across the region.