Phoenix Solar Pte Ltd., the Singapore based subsidiary of Phoenix Solar AG, an international photovoltaic system integrator that is listed on the Prime Standard of the Frankfurt Stock Exchange, will design and construct a photovoltaic system with a rated capacity of at least 1.2 MWp for C M M Marketing Management Pte Ltd, a wholly-owned subsidiary of mainboard-listed holding company, Sheng Siong Group Ltd.
CMM selected Phoenix Solar to build the PV system on its corporate headquarters and centralised distribution centre at 6 Mandai Link. 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 percent 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.
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 percent.
“Thanks to the attractive returns on investment, we expect the installed PV capacity of Singapore to more than double in 2013, reaching at least 20 megawatt 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.
Bernd Köhler, CEO of Phoenix Solar AG adds: „Setting out from its basis in Singapore Phoenix Solar has been able to accomplish an excellent reputation and a good market position in considerable parts of Southeast Asia. The success of our local team is one of the cornerstones of our corporate strategy.”