Indonesia targets year-end start for US$30 billion clean power exports to Singapore

[JAKARTA] Indonesia plans to begin exporting clean electricity to Singapore as early as the end of this year, a senior investment official said.

This comes as both countries step up preparations for a leaders’ meeting that is expected to deepen economic cooperation.

Pandu Sjahrir, chief investment officer of Indonesia’s sovereign wealth fund Daya Anagata Nusantara, said the planned development carries an estimated investment value of about US$30 billion and could deliver around 3 gigawatts (GW) of renewable energy capacity.

“We expect to begin exporting renewable electricity by the end of this year, with the initiative expected to become one of the region’s largest clean energy projects,” Pandu said on Monday (May 11), as reported by local media.

The fund is approaching several Singaporean companies to explore financing partnerships for the project, he elaborated.

Several firms have already secured conditional licences from Singapore’s Energy Market Authority for projects to import low-carbon electricity from Indonesia, with commercial operations targeted for 2029 to 2030. One such company is Singa Renewables (Singa), a joint venture between Royal Golden Eagle and TotalEnergies.

Beyond exports to Singapore, Pandu said the renewable energy projects would also support Indonesia’s domestic electricity needs as the government pursues an ambitious plan to build up to 100 GW of power capacity in the coming years.

Leaders’ retreat

The project is also expected to feature prominently during the upcoming bilateral leaders’ meeting between Indonesia President Prabowo Subianto and Singapore Prime Minister Lawrence Wong.

The push to export green electricity was also highlighted during a meeting in Jakarta on Tuesday between Indonesia Minister for Foreign Affairs Sugiono and Singapore Foreign Minister Vivian Balakrishnan, reflecting growing energy cooperation between the two South-east Asian neighbours.

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Speaking after the talks, Sugiono said the ministers had reviewed progress across several bilateral initiatives and discussed preparations for the upcoming Indonesia-Singapore Leaders’ Retreat, an annual meeting between the two countries’ leaders that sets the direction of strategic cooperation.

A key focus of the discussions was strengthening economic collaboration, including cross-border electricity trade and investment in sustainable energy development.

“We are hoping this could become the largest electricity project, especially sustainable electricity project,” Sugiono said.

The ministers also discussed expanding collaboration in food security and agribusiness technology, as well as industrial development projects aimed at creating jobs.

Sugiono said both governments plan to build on the success of existing joint industrial zones, including those in Batam, Bintan and Karimun, as well as the Kendal Industrial Park in Central Java, while exploring the expansion of new sustainable industrial zones.

“These initiatives are not just economic projects, but also opportunities to create jobs for our people, expand opportunities and improve livelihoods,” he said.

Meanwhile, Dr Balakrishnan said bilateral ties between the two countries remained strong and mutually beneficial, noting that Singapore has consistently been Indonesia’s top trading partner and largest foreign investor for more than a decade.

In the first quarter of 2026, the city-state accounted for a significant share of Indonesia’s 250 trillion rupiah (S$18.2 billion) in total foreign investment, mainly in downstream industries, basic metals, transportation and renewable energy.

Dr Balakrishnan pointed to growing cooperation in the digital and green economy, including projects such as Nongsa Digital Park in Batam and Kendal Industrial Park.

Indonesia’s vast renewable energy resources – including solar, geothermal and hydropower – position the country as a potential regional energy powerhouse, he said.

“I see Indonesia as a superpower in energy,” Dr Balakrishnan said, noting that Singapore’s role as a regional hub for technology and infrastructure financing could complement Indonesia’s energy potential.

He added that both sides are seeking to advance cross-border electricity trading projects launched during previous leaders’ meetings, which aim to accelerate the development of renewable energy while supporting South-east Asia’s energy transition.

Such initiatives could also contribute to broader regional plans such as the Asean Power Grid, a proposed network linking electricity systems across the region.