Enterprise Singapore (EnterpriseSG) has signed a memorandum of understanding (MoU) to expand Singapore’s network with the global offshore wind sector.
The other signatories to the MoU were the Association of Singapore Marine & Offshore Energy Industries (ASMI) and the Global Wind Energy Council (GWEC).
The agreement also aims to foster more project and innovation opportunities between Singapore and international players in this space.
Under the MOU, EnterpriseSG, ASMI and GWEC will collaborate in joint initiatives to grow the global offshore wind ecosystem, drive further innovation and technological developments that support the offshore wind supply chain.
These initiatives include policy dialogues and joint publications to address regulatory challenges, facilitate project structuring and financing, explore regional collaboration and adoption of best practices.
Also planned are events for commercial matchmaking and knowledge transfers among industry stakeholders aimed at catalysing market access for Singapore companies to test and develop new innovative offshore wind solutions.
These events will allow Singapore companies to understand global market trends and needs quicker, as well as partner with international stakeholders to co-develop new solutions more effectively.
The MoU also covers capacity building programmes, workshops, and training sessions to enhance the capabilities of offshore wind companies and enhance the talent pipeline in the sector.
The activities will be rolled out over the next two years and are expected to benefit about 100 Singapore enterprises and 150 GWEC members in the offshore wind sector.
This effort is part of Singapore’s commitment earlier this year to invest and explore growth opportunities in the global offshore wind sector.
This is expected to expand at a compound annual growth rate of more than 20% between 2022 to 2030 and worth US$126bn per annum by 2030.
EnterpriseSG assistant managing director Johnny Teo said: “Enterprise Singapore is committed to enable Singapore companies to tap on green growth opportunities like offshore wind, to grow our economy and create good jobs.
“The MoU with ASMI and GWEC will seek to accelerate that effort by taking advantage of Singapore’s growing offshore wind ecosystem, and leverage our joint capabilities, networks and resources to boost international collaboration and technology development for Singapore and global offshore wind players.”