PacificLight Power Pte Ltd. ("PLP") working with a consortium comprising Medco Power Indonesia and Gallant Venture Ltd, a Salim Group company, has been granted in-principle approval by the Energy Market Authority ("EMA") for a 100MW pilot solar import project from Indonesia to Singapore. The Project is in line with the Singapore Green Plan 2030 to increase renewable generation. A Joint Development Agreement was signed between the consortium during the Singapore International Energy Week on 25 October 2021 and witnessed by the Minister of Energy and Mineral Resources of the Republic of Indonesia and Second Minister for Trade and Industry of Singapore. The project is expected to have an installed generation capacity of 670MWp in the initial phase, which will provide 100MW equivalent of non-intermittent electricity. The renewable electricity generated will be supplied via a dedicated plant-to-grid 230 kV HVAC subsea connection to Singapore. The electricity generation will be sufficient to power over 144,000 four-room HDB flats per annum and offset over 357,000 tonnes of carbon emissions annually. The project will play a pivotal role in meeting the Singapore government's objectives to increase power generation from renewable sources and reduce the nation's reliance on fossil fuels. Scheduled for commissioning in 2024, the project will allow Singapore offtakers to enjoy competitively-priced renewable electricity and significantly increase the solar capacity available to Singapore from the current level of 430MWp. PacificLight is owned 70% by FPM Power Holdings Ltd, a company held 60:40 under First Pacific Company Ltd. and MPG Asia Limited, a wholly owned subsidiary under MERALCO PowerGen Corporation. The remaining 30% interest in PLP is directly held by MPG Asia Limited.