Singapore - Phoenix Solar Pte Ltd (“Phoenix Solar”), an international photovoltaic system integrator, will design and construct a photovoltaic (PV) system with a rated capacity of at least 1.2MWp for C M M Marketing Management Pte Ltd (“CMM”), a wholly-owned subsidiary of mainboard-listed holding company, Sheng Siong Group Ltd (“Sheng Siong”).
CMM selected Phoenix Solar to build the PV system on its corporate headquarters and centralised distribution centre at 6 Mandai Link (“CMM Facility”). The PV system will occupy an area of approximately 11’000 m² (or about 118’400 square feet), exploiting its available roof area to the fullest extent. Upon completion within the year, this will be the largest PV system in Singapore.
The PV system is expected to start producing green energy by the end of 2013, and supply at least 15% of CMM Facility’s electricity consumption. It will also mitigate at least 730 metric tonnes per year of CO2 from Singapore’s gas-fired power stations.
“The commercial and environmental returns of this project make it a viable business decision, which will continue to yield benefits for a long time,” affirms Lim Hock Chee, CEO of Sheng Siong.
This project illustrates a new trend in Singapore, where demand for bigger PV systems is growing. Massive increases in global PV module production capacity have driven costs so low in the last two years that an industrial rooftop PV system in Singapore now pays for itself in 7-10 years, resulting in an unlevered project IRR of 8 to13%.
“Thanks to the attractive returns on investment, we expect the installed PV capacity of Singapore to more than double in 2013, reaching at least 20MW by December,” says Christophe Inglin, Managing Director of Phoenix Solar. “If this growth rate continues, then within a decade, PV will become a mainstream source of electricity in Singapore,” he added.