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YTL PowerSeraya and Geneco Drive Green Transition in Singapore: Expands with ~4MWp Solar PV System, Extends Power Eco Add-on for SMEs

20 October 2023, Singapore – YTL PowerSeraya, parent company of Geneco, continues to spearhead the green energy transition in Singapore by committing to build an additional ~4 MWp PV System at the PSPS. Commencing in October 2023 and scheduled for completion in September 2024, this expansion is set to generate over 417MWh of electricity monthly, enough to power an estimate of 1,103 4-room HDB flats for a month[1]. This expansion to the already operational ~1MWp Solar PV System will bring the total PV System at PSPS to ~5MWp.

Alongside this project, Geneco, YTL PowerSeraya’s retail arm, has extended its popular Power Eco Add-on to SMEs, following its success amongst residential customers, to meet the rising demand of businesses looking for options to offset the carbon emission from their electricity usage. Through their collective initiatives, YTL PowerSeraya and Geneco are advancing their vision of establishing a sustainable energy future in Singapore, solidifying their stance as frontrunners in providing integrated utilities and value-driven energy solutions.

YTL PowerSeraya Solar PV System Expansion Project

Stemming from the organisation’s strategic vision, this latest additional Solar PV System at PSPS has been in the pipeline since the inception of its initial ~1MWp Solar PV System in 2019. This expansion will help to advance the nation’s sustainable development agenda in line with the Singapore Green Plan to deploy at least 2GWp of solar energy by 2030.

The Solar PV System at PSPS is also a testament to the organisation’s commitment to sustainable development. The green attributes i.e. Renewable Energy Certificates (RECs) generated by the Solar PV System will be registered underthe APX Tradable Instrument with the Global Renewables (TIGR) Registry. By issuing RECs under the APX TIGR Registry, YTL

[1] Based on Energy Market Authority’s Singapore Energy Statistics Report 2022, where the average monthly household electricity consumption for a 4-room flat is 377.8kWh.

PowerSeraya demonstrates compliance with the most rigorous verification standards and provides businesses with verifiable assurance of the organisation’s dedication to genuine sustainable practices as the Registry enables transparent, secure and reliable tracking of RECs.

Extending Power Eco Add-on to SMEs

Building on YTL PowerSeraya’s commitment to advancing renewable energy solutions and the rising trend of SME’s interest in green products, Geneco will be extending its innovative Power Eco Add-on, Singapore’s first and only customisable green add-on for an electricity plan, from residential customers to SMEs.

Projecting a strong growth in demand from businesses for green products based on the upward trend in the number of enquiries from SMEs, together with a significant ~16% of Geneco’s Commercial and Industrial (C&I) customers being SMEs with green products, this extension is strategically set in place to empower businesses to go green their way by choosing their preferred level of contribution from 25%, 50%, 75% and 100%, in the form of Carbon Credits or RECs.

Scheduled for launch on 23 October, in alignment with Singapore International Energy Week (SIEW) where Geneco is the event’s Official Renewable Energy Certificate Partner, Geneco is also offering a complimentary 3-month Power Eco Add-on for SMEs opting for this add-on between 23 October and 31 December 2023 to spur the green momentum and encourage sign-ups.

“Geneco and our parent company, YTL PowerSeraya, have always been committed to strategic, forward-looking initiatives aimed at catalysing sustainable developments and meeting the evolving needs of our customers,” shared Lim Han Kwang, Chief Executive Officer of Geneco and Group Head (Retail, Regulation and Renewables) of YTL PowerSeraya. “Our vision drives us to take tangible steps towards a greener tomorrow, and to assist businesses in reaching their sustainability goals.”

Together, YTL PowerSeraya and Geneco are reaffirming their dedication to reducing their carbon footprint and promoting responsible energy consumption, aiming to further #PowerTheChange in Singapore’s sustainability journey, especially as more businesses actively seek greener solutions.