Private investors still shy from Singapore renewable energy sector

Singapore

GOVERNMENT efforts will support growth opportunities in Singapore's renewable power sector. However, uptake by private investors - key to long-term growth - remains "very subdued" due to limited incentives, financial or otherwise, to enter the market, said Fitch Solutions Macro Research on Tuesday.

The research firm is forecasting renewables - primarily biomass and waste facilities, and solar power - to expand from 413 megawatts (MW) in end-2018 to over 1.4 gigawatts (GW) in 2028. Renewables are also expected to account for 4.6 per cent of Singapore's total power generation by 2028.