Singapore Exchange Catalist-listed Mooreast Holdings Ltd. announced it will commence feasibility studies this month to develop large-scale renewable energy projects of up to 500 megawatts in Timor-Leste. The studies follow a Letter of Intent signed with Secretario de Estado de Electricidade Agua e Saneamento, the secretariat for Electricity, Water and Sanitation under Timor-Leste's Ministry of Public Works, to develop between 300 and 500 MW of floating renewable energy over a five- to 10-year period.
The agreement represents a significant step toward transforming Timor-Leste's energy infrastructure. Currently, the country relies mostly on diesel-fired power plants to meet its energy needs despite having targeted 100% national electrification by 2030 through substantial diversification into renewable energy sources. This development could substantially reduce the nation's dependence on imported fossil fuels while creating a more sustainable energy foundation for economic growth.
Mooreast will conduct due diligence and assessment of locations off Timor-Leste's coastline suitable for developing projects generating energy from floating wind, solar, hydroelectric, tidal, current and wave technologies. The LOI is part of a broader proposal for Mooreast to undertake a proposed Renewable Energy Development Plan in two phases, intended to accelerate development of the country's significant untapped renewable resources, including excellent wind potential along the north and south coasts.
As part of the comprehensive development plan, Mooreast will also be engaged to upgrade grid transmission and infrastructure for renewable energy integration, set up pilot microgrids for remote communities, explore the potential to export power and hydrogen fuel, and introduce smart-grid technologies and systems for energy storage. These initiatives could provide reliable electricity access to communities currently without consistent power while creating export opportunities for the developing nation.
Mooreast will have exclusivity for 12 months to conduct feasibility studies, evaluate and propose commercial and financing models. Both parties will then enter into a formal Project Development Agreement, likely in the first half of 2026. The PDA is expected to include joint-ventures to develop the projects, establishing investment and financing models including green finance and fiscal incentives, and defining the responsibilities of the state-owned electricity and energy company, Electricidade de Timor-Leste.
The project represents a strategic expansion for Mooreast, a specialist in the offshore and marine sector providing mooring and rigging solutions. The company is Asia's only ultra-high power anchor designer and manufacturer and has been expanding its presence in Europe and Asia amid increasing commercialization of floating wind energy projects worldwide. More information about the company's capabilities can be found at https://mooreast.com/.
Mr Eirik Ellingsen, CEO of Mooreast, emphasized the significance of the partnership, stating that Timor-Leste has significant potential for floating renewable energy, which can be harnessed for economic growth and to achieve national goals of electrification and sustainability. The project could serve as a model for other developing nations seeking to leverage their natural resources for sustainable development while addressing energy access challenges.
