Grant invests in developing coal-fired power plants at a cost of up to $3 billion

The project will be developed in two phases: the first phase is a supercritical coal-fired power plant with auxiliary infrastructure, with a cost of US$1.5 billion; the second phase is a 2x600 MW supercritical coal-fired power plant and a 400 MW solar electric field plus submarine transmission cables connected to Batam, Bintan and Bulan power plants, with a cost of US$1.2 billion to US$1.5 billion.

It said the Group recognized the environmental problems posed by coal-fired power generation, especially greenhouse gas emissions and air quality issues. To address this issue and to align with broader economic and environmental goals, the Group will adopt a range of mitigation strategies. These strategies include procuring supercritical coal-fired power plants to increase efficiency and reduce emissions, as well as exploring carbon capture and storage solutions.

Grant Investment disclosed on Monday evening (June 9) that after evaluating the options, it believed that coal-fired power plants were the "most cost-effective solution."

Grant Investment's share price remained flat at 0.09 yuan on Monday.

The total cost of the power plant project is USD 2.7 billion to USD 3 billion (S$3.5 billion to S$3.9 billion), including a 2 GW coal-fired power plant and a 400 MW solar farm (Solar PV farm).

Gallant Venture, a Singapore Exchange mainboard listed company, intends to invest in the development of new coal-fired power plant projects locally through its subsidiary of Batamindo Industrial Park to meet energy needs and diversify its power plant asset portfolio.