The investment from diverse companies in the clean energy is testimony to the fact that Singapore remains a choice location for companies to innovate and commercialize technologies, said Singapore's Senior Minister of State for Trade and Industry Koh Poh Koon on Tuesday.

The global energy sector is undergoing extensive transformation, propelled by the rise of renewable energy and further driven by the increasing maturity of microgrids, energy storage and digital technologies, Koh Poh Koon said at the opening ceremony of Asia Clean Energy Summit, a key partner event of the Singapore International Energy Week.

He said Singapore, as the leading clean energy technology hub in Asia, aims to play a meaningful role in the energy transition. It plans to raise the solar power capacity beyond 2020 to one gigawatt peak from around 140 megawatt peak now, and expects the opportunities created will attract local and foreign companies to develop and scale up new clean energy solutions in the country.

According to the minister, Singapore's Economic Development Board recently secured six new investments in clean energy.

Koh added that Singapore's initiative, called Renewable Energy Integration Demonstrator Singapore, is a key enabler to help Singapore develop a global leadership position in microgrids, and its founding members ENGIE and Schneider Electric will launch the first research and development microgrid on Tuesday.

"We welcome companies from around the world to work together with us to be at the forefront of energy transformation and develop solutions for the fast-growing region," he said.