Renewable Energy Corporation (REC) said the project has the potential of becoming the world's biggest complex of its kind with a production capacity of up to 1.5 gigawatts, or about 75 percent of the total global output last year.

REC and Singapore's Economic Development Board (EDB) announced the investment on Friday.

"Depending on the final capacity and site development, total investments in the Singapore site may exceed 3.0 billion euro within the next five years and the total number of employees could be around 3,000 people," REC said in a statement.

"The development of this site will enable us to continue expanding in a cost-efficient manner and will support REC's ambitious cost target," added REC president and chief executive Erik Thorsen.

EDB managing director Ko Kheng Hwa said the project is envisaged to be the world's biggest fully integrated solar manufacturing complex.

"When fully developed, the complex could produce up to 1.5 GW of such products a year. For comparison, the total output worldwide last year was about 2.0 GW," Ko said.

EDB said the project should boost Singapore's efforts to develop the solar power industry, which is expected to grow in the coming years as the world looks for cleaner alternative energy sources to reduce global warming.

REC said it chose Singapore after screening 200 possible locations around the world.

It will make its initial investment decision as soon as the pre-engineering activities for the first phase have been completed in the first half of next year.

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