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Mr Rubenrajoo Sri Rengarajoo

Mr Rubenrajoo Sri Rengarajoo

Merit Award Winner 2015
Evaluating Alternative Project Financing Models for Upscaling Grid-Connected Solar Photovoltaics Procurement in Singapore Public Buildings

Research Abstract

Solar Photovoltaics (PV) have been seen globally as an alternative to fossil fuels due to being a clean and sustainable source of energy with lower carbon emissions. Singapore’s government, through several test bed projects, has been exploring the viability of solar generation in Singapore. However as solar PV projects require high capital investments and generate limited revenues, the current financing models used by the public sector are not sustainable for upscaling solar productions and are only suitable for small scale projects. This indicates a need to explore new alternative financing schemes which allow the leveraging of private capital thus allowing the public sector maximize its solar generating potential in the most cost effective manner.


This study evaluates and compares the financial feasibility of five project financing models for large scale solar PV installations, namely self-financing, power purchase agreement (PPA), solar leasing, hybrid PPA, and hybrid solar leasing. This study is set in the context of Singapore public housing, using the largest public building owner, the Housing Development Board (HDB), as a case to illustrate the potential implications of all models.

Winner's Bios

Mr Rubenrajoo Sri Rengarajoo

National University of Singapore

Ruben graduated from the National University of Singapore with a BSc in Project & Facilities Management. He is currently pursuing his PhD, specialising in renewable energy and project finance, with the hopes to tackle large scale issues such a global warming and climate change through his research. He enjoys keeping up with current affairs and reading during his free time.


Judge's comments

“The student has demonstrated excellent research skills by completing a rigorous evaluation of five financing models for solar photovoltaics (PV) installations in Singapore. The dissertation is well presented, engaging, thorough and clearly communicated. It also offers highly relevant recommendations for practical decision making.”