Brunei Signs Landmark Solar Energy Agreements

On June 15, the Brunei Prime Minister’s Office held an official signing ceremony for the Joint-Venture Agreement, Land Lease Agreement, and Power Purchase Agreement (PPA) for a 30-megawatt (MW) Solar Photovoltaic Power Plant (SPVPP). The agreement lays out the framework for a 25-year, long-term energy supply from the SPVPP and formalizes the creation of a new entity, Seri Suria Power (B) Sdn Bhd.
Seri Suria Power (B) Sdn Bhd is a joint-venture company formed by a government-linked company (Khazanah Satu Sdn Bhd), and Serikandi Oilfield Services Sdn Bhd, in partnership with Atlantic Blue Sdn Bhd, a subsidiary of Solarvest Holdings Berhad (Malaysia). The solar project aims to boost Brunei’s renewable energy capacity and support the national target of achieving 30 percent renewable energy mix by 2035. This marks Brunei’s first large-scale solar initiative and the largest public-private partnership in the country’s budding solar sector. The projected successes of this project could very well serve as a model for future joint ventures with U.S.-based energy developers and financiers.