About $5 billion! Quantum plans to invest and build more than 3.5gW solar Park in Lionel Island, Indonesia

Power producer quantum Power Asia and German solar developer IB Vogt GmbH will jointly invest about US $5 billion (4.64 billion euros) to build a solar Park of more than 3.5 GW on Indonesia's Lionel island and export electricity to Singapore.

Quantum said on Tuesday that the two companies would implement the project through a joint venture called Anantara Energy Holdings Pte Ltd. According to the appeal issued by the energy market authority of Singapore (EMA), the entity has applied for a license to import electricity from countries in the region, including Indonesia, into Singapore.

Earlier on Tuesday, it signed a joint development agreement and memorandum of understanding with Riau NEH province.

Quantum and IB Vogt's plans include the construction of a huge solar power plant with a battery storage capacity of 12 GWH and an area of more than 4000 hectares (9.900 acres). Once fully operational in 2032, the complex will be able to export up to 4 TWH of power to Singapore per year through the submarine cable network. It is estimated that the solar power plant will be able to meet about 8% of the country's annual power demand.

Singapore based Anantara has reached a power outage agreement with its corporate customers for more than 4 TWH a year. The joint venture will work with the Indonesian subsidiary of Union Energy Corp., a Singapore electricity retailer, to deal with the connectivity of imported electricity.

Singapore aims to be carbon neutral by 2050. (USD 1.0 = EUR 0.927)