SINGAPORE,Aug. 26,2024 -- Aslan Energy Capital,SingaporeandPT Calypte Sugi Power,Indonesiahave executed a signed a Memorandum of Understanding (MoU),to cooperate on the development of a power generation hub to be located in Sugi Island,Riau Islands Province in Indonesia.

Signing Ceremony

The focus of the power hub is to develop largescale solar and sustainable clean power generation capacity in the Riau Islands province. Initial planning targets 1 GW solar power production capacity by Q3 2026,with definitive plans to achieve up to a combined 2 GW of solar power generation capacity by Q4 2027,leveraging the unique and favourable conditions for clean energy development on Sugi Island.

"The Sugi Power Hub is a key component in our group's strategic mission on developing a sustainable energy value chain portfolio. The unique geographic location,relatively flat terrain and good solar irradiance conditions of the Sugi Island makes a compelling case to establish the power arm of our value chain and accelerate the progress in achieving the ESG goals and SDG targets of the Riau Province as well as Indonesia's overall ambition to be a green energy leader inSE Asia. Indonesiais our group's key strategic hub inAsia Pacific and our group remains committed to ensuring the success of the integrated portfolio of developments we have successfully originated in the country.",said Dr. Muthu Chezhian,CEO of Aslan Energy Capital,Singapore.

"We are delighted with the partnership we have secured and engaged with Aslan Energy Capital as the development partners for our Sugi island power project. Since we launched our planning to develop a sustainable power generation base in Riau Islands,we had been carefully selective in appointing a partner developer. Aslan Energy Capital's corporate vision and team experience and understanding of the Indonesian market dynamics gave us the comfort to progress in this partnership. The feasibility studies have been completed with reassuring results and the project is advancing with the detailed project engineering in the coming months,with FID targeted in Q2 2025.",said Mr. Han Fook Kwang,Chief Development Director PT Calypte Sugi Power during the MOU signing ceremony.

Aslan Energy Capital,is a project development,operations and new energy assets platform focused on the Renewable Hydrogen,Renewable Ammonia and Sustainable Energy value chain. AEC leverage on partnerships with key energy sector players,technology developers and investment partners to structure and deliver solutions to address energy and social infrastructure solutions into their core operational markets inAsiaand Americas.

PT Calypte Sugi Power is a private special purpose vehicle acting as the dedicated arm to the development of a power generation in Sugi Island in Riau Island Province. PT Calypte Sugi Power is part of Calypte Holding Pte Ltd,a development firm focused on energy and industrial opportunities across Indonesia.