Solar energy firm Sunseap snags $50m funding from Temasek, ABC World Asia

One of Sunseap’s solar systems in Singapore.
One of Sunseap’s solar systems in Singapore.PHOTO: COURTESY OF SUNSEAP

SINGAPORE - Sunseap Group has secured a total of $50 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 gigawattpeak from projects in China, Taiwan, Japan, Vietnam and other parts of South-east Asia.

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.