Singapore has identified the clean energy industry as a strategic growth area, and has implemented a comprehensive blueprint to develop this industry.
Within the clean technology (cleantech) sector, Singapore has secured several key investments in high-value manufacturing, engineering, biofuels, research and development (R&D) and regional headquarters activities.
For instance, REC has established one of the world’s largest integrated solar manufacturing complexes in Singapore. The company has invested some S$2.5 billion in its first phase of expansion, which will produce 800 megawatts (MW) of solar photovoltaic modules. Chinese company Yingli Green Energy, one of the world’s largest vertically integrated photovoltaic manufacturers, is also establishing its regional headquarters and R&D centre in Singapore to support its expansion into global markets. In the biofuels sector, Neste Oil invested EUR550 million (S$940 million) in 2010 to establish the world’s largest renewable diesel plant in Singapore, with a capacity of 800,000 tonnes. At the end of 2018, Neste Oil made an investment decision of EUR1.4 billion to expand the Singapore refinery, which will increase Neste’s renewable products production capacity by 1.3 million tonnes per annum.