(Oct 17): Singapore’s Temasek Holdings is considering setting up a new unit to house renewable power projects as it increasingly eyes energy investments outside of fossil fuels.
While the $313 billion state investor remains open to looking at coal and oil deals, the rising volatility of commodity prices combined with society’s shift toward sustainability means it’s not as attractive a space anymore, said Nagi Hamiyeh, the investment group joint head of Temasek International.
“Now that most of these renewables have reached grid parity, we believe that these make much more sense for us to invest in, more than fossil fuels,” Hamiyeh said, referring to the stage at which such assets’ output makes them as cheap as other forms of energy. He added that Temasek sees natural gas as a relatively clean energy source.
