Sunseap Raises $80 Million to Support Solar Projects Across Asia

Sunseap Group, a Singapore-based renewable solutions provider, has raised 100 million in Singapore dollars (~$71.79 million) in its fourth round of fund-raising from Banpu, a publicly listed company on the Stock Exchange of Thailand.

Banpu is an integrated energy solutions company with three core groups of business – energy resources, energy generation, and energy technology – and has expanded into ten countries in the Asia-Pacific region.

The funds raised will be used to support Sunseap’s projects, and expansion across Asia states the company statement.

Sunseap’s President and Executive Director, Lawrence Wu, said: “The additional investment by Banpu is another vote of confidence for Sunseap’s sustainable business model and our smart city technologies.”


Sunseap is the largest clean energy solutions provider in Singapore with almost 300 MW of solar energy projects contracted, of which 168 MW have been completed on more than 1,500 buildings.

Recently, Mercom reported that the company received a total sum of $50 million (~$36.7 million) ABC World Asia and Temasek. The investment by ABC and Temasek will be used for developing solar projects in Singapore and other parts of Asia. Then, the company had also informed that it also won another tender, which will see solar panels installed across buildings in Singapore, and it is expected to generate more than 70 MW of solar energy.

In June 2019, Mercom reported that Sunseap secured a $43 million green loan from the United Overseas Bank Limited to increase the reach of solar power in the country. The Southeast Asian renewable energy company said it would use this loan to install solar systems on 210 rooftops, ranging from commercial and industrial premises to government establishments.

In November 2019, it was reported that Temasek partnered with EQT, a Swedish private equity company, to launch a renewable energy platform in India.  The platform, called 02 Power, aims to construct wind and solar projects in the country. The companies have allocated an initial equity commitment of $500 million (~₹35.34 billion) as the seed capital for this joint venture.

 

Update: This article erroneously stated that Sunseap is a listed company. The mistake has been corrected.