Phoenix Solar will be developing the rooftop system on CMM's corporate headquarters and centralized distribution center at Mandai Link in the northern part of Singapore. The photovoltaic system will cover around 11,000 square meters and have a rated capacity of at least 1.2 MWp. The system is expected to be completed by the end of this year.
Approximately 15% of CMM's electricity consumption will be covered by the rooftop PV system. This will mitigate at least 730 metric tons of carbon dioxide per year from Singapore's gas-fired power plants. "The commercial and environmental returns of this project make it a viable business decision, which will continue to yield benefits for a long time," Lim Hock Chee, CEO of Sheng Siong commented.
PV in Singapore paying off
This first large rooftop project in Singapore is indicative of a new trend, Phoenix Solar believes. The demand for bigger PV systems is growing in the Southeast Asian country, where an industrial rooftop PV system can be expected to pay for itself in 7-10 years resulting in an unlevered project internal rate of return of 8 to 13%.
"Thanks to the attractive returns on investment we expect the installed PV capacity in Singapore to more than double in 2013 reaching at least 20 MW by December," Phoenix Solar Managing Director Christophe Inglin stated. "If this growth rate continues, then within a decade PV will become a mainstream source of electricity in Singapore," he concluded.
Phoenix Solar also announced the development of a 435 kWp PV system for Greenpac a few months ago.
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