Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore solar energy firm Sunseap snags $36.8 million funding

Singapore solar energy firm Sunseap snags $36.8 million funding

Singapore solar energy firm Sunseap snags $36.8 million funding

Singapore's Sunseap Group Pte Ltd has secured a total of S$50 million (US$36.8 million) from ABC World Asia, an Asia-focused impact investing private equity fund based here, and state investment company Temasek Holdings for solar projects in Singapore and other parts of Asia.

ABC World Asia’s managing director Tan Shao Ming will also join Sunseap’s board of directors.

Sunseap’s president and executive director Lawrence Wu said: “Through this investment from Temasek and ABC World Asia, we gain partners not only interested in our ability to grow as a company, but also our ability to bring climate change solutions to new markets and drive positive environmental impact.”

With solar systems installed on the rooftops of more than 1,500 HDB blocks in Singapore, Sunseap said it produces enough clean energy to power approximately 42,000 four-room HDB households annually.

It allows residential customers to reduce their carbon footprint by switching to certified green energy through the liberalised electricity retail market.

The company also recently won the tender for SolarNova 4, which will see solar panels installed across buildings in Singapore, including 1,218 HDB blocks and 49 government sites. The project is expected to generate more than 70 megawatt-peak (MWp) of solar energy, increasing Sunseap’s generation capabilities in Singapore.

Through its offsite clean energy supply contracts, Sunseap is also enabling global tech giants Apple and Microsoft to meet their local energy requirements from renewable sources.

Across the region, it has a total operating, under-construction and developmental asset project capacity of 1.7 gigawatt-peak from projects in China, Taiwan, Japan, Vietnam and other parts of South-east Asia.

Its subsidiary, Sunseap Asset (Cambodia) Co Ltd, operates a 10MW solar park in Bavet town, a special economic zone of Cambodia in Svay Rieng province, near the border with Vietnam.

Sunseap’s CEO and executive director Frank Phuan said: “As we embark on the next phase of growth, we look forward to partnering and supporting more businesses in their drive for a sustainable future, as well as developing more renewable energy solutions and pursuing energy efficiency projects, building Sunseap to be a distributed utility provider in Singapore and across the region.”

Credit Suisse (Singapore) and DBS Bank acted as financial advisers to Sunseap for this latest investment.

THE STRAITS TIMES (SINGAPORE)/ASIA NEWS NETWORK

MOST VIEWED

  • Tourists urged not to skip trip

    The Ministry of Tourism has called on international tourists not to cancel trips to Cambodia, but urged them to adhere to several dos and don’ts when arriving in the Kingdom during the Covid-19 pandemic. The ministry released an eight-point instruction manual on Wednesday published

  • The taxman cometh – Cambodia’s capital gains tax casts the net on individual taxpayers

    In a country where only limited personal income tax existed, the new taxation law beginning January 1, 2021, will make taxpayers out of Cambodians, whether they are ready for it or not About two years ago, a little known amendment was made to Article 7 of the Law

  • Cambodian-American gets Star Trek treatment

    Kevin Ung, a Cambodian-American whose family escaped genocide during the Khmer Rouge’s reign of terror, was recently selected from thousands of applicants to participate in the Television Academy Foundation’s inaugural 2020 Star Trek Command Training Programme, a course intended to give hands-on filmmaking experience

  • Cambodia seeks to be transport hub

    Cambodia is working on several fronts to modernise its transport infrastructure and services, concentrating on opening new international gates to relieve and balance traffic congestion at its borders, Minister of Public Works and Transport Sun Chanthol said on Thursday. This is part of the Kingdom’

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • Deminers unearth ancient lion statue

    Cambodia Mine Action Centre (CMAC) director-general Heng Ratana told The Post on Tuesday that a statue of a lion was found by mine clearance experts while they were digging for a development project. It was sent to the Ministry of Culture and Fine Arts last