Plans have been unveiled by an Asian-German developer partnership to spend $5bn building one of the world’s largest solar and battery storage projects to export power from Indonesia to Singapore.

Indonesia-based Quantum Power and Germany’s Ib Vogt want to place 3.5GW of PV and 12GWh of storage on the Riau Islands with a subsea cable taking power to nearby Singapore.

The two developers have formed a joint venture called Anantara, which will advance the project and which the partners said has now signed a memorandum of understanding (MoU) with Riau Islands Province, secured agreements from Singapore corporates for 4TWh of green power annually and struck a deal with local power retailer Union Power.