DBS, Maybank, and OCBC have extended a S$500 million transition finance loan to YTL PowerSeraya for the development of a hydrogen-ready combined cycle gas turbine (CCGT) plant at Pulau Seraya. The transaction is part of a broader S$1.2 billion facility, marks the nation’s first Singapore-Asia Taxonomy-aligned transition finance deal, setting a benchmark for sustainable project funding in Asia’s energy sector.
Unveiled during Singapore International Energy Week (SIEW) 2025, the deal aligns with both the Singapore-Asia Taxonomy for Sustainable Finance and the Asia Pacific Loan Market Association’s Green Loan Principles. The three banks are also serving as joint sustainability structuring advisers, highlighting growing confidence in the commercial viability of transition finance mechanisms that support decarbonisation goals.
Alongside this financing milestone, YTL PowerSeraya has announced a series of collaborations aimed at lowering carbon emissions and improving energy efficiency across its operations. Through its subsidiary Taser Power Pte Ltd, the company is working with Siemens Energy to retrofit the 396-megawatt Taser Power Plant using the Advanced Turbine Efficiency Package (ATEP). The upgrade will introduce high-efficiency turbine components and optimised cooling systems designed to enhance output and reduce emissions. Once completed in December 2025, the project is expected to cut 11,000 tonnes of CO₂ equivalent annually and extend the plant’s operational lifespan.
YTL PowerSeraya has also launched two carbon capture feasibility studies under the Energy Market Authority’s Power Sector Carbon Capture and Storage (CCS) Grant Call—one in collaboration with Air Liquide and the other with GE Vernova.
The pre-combustion study with Air Liquide will assess the integration of Lurgi™ Autothermal Reforming (ATR) and Cryocap™ technologies into the hydrogen-ready CCGT, potentially abating up to 15 million tonnes of CO₂ over the plant’s lifetime. The post-combustion study, conducted with GE Vernova, will evaluate the feasibility of capturing at least 90 per cent of emissions from an H-Class CCGT—the first such assessment in Singapore. The project explores advanced exhaust gas recirculation, steam, and controls integration to boost overall efficiency and cost-effectiveness.
“Singapore’s energy transition is a tremendous opportunity to reimagine how we power our future,” said John Ng, CEO of YTL PowerSeraya. “Through collaboration, technology, and sustainable financing, we are building the systems today that will power a sustainable tomorrow.”
