SBI Offshore diversifies into solar energy

Singapore

HURT by the downturn in the offshore sector, SBI Offshore has jumped onto the solar energy bandwagon. On Tuesday, the company announced that it has entered into a joint venture agreement with German-based Grass Group, to build and operate solar farms and systems, with a focus on the Asia-Pacific region.

Under the agreement, a joint venture company, Graess Energy, has been incorporated in Singapore, of which SBI Offshore and GSS Renewables - a unit under Grass Group - will respectively hold 51 per cent and 49 per cent, SBI Offshore said in a statement.