Sunseap secures funding of $50m for solar projects
Sign up now: Get ST's newsletters delivered to your inbox
Sunseap Group has secured $50 million from private equity fund ABC World Asia and Singapore investment company Temasek for solar projects here and in other parts of Asia.
The company recently won the tender for SolarNova 4, which involves installing solar panels across buildings in Singapore, including 1,218 Housing Board blocks and 49 government sites.
The project is expected to generate more than 70 megawatt-peak of solar energy.
Sunseap president and executive director Lawrence Wu said: "Through this investment from Temasek and ABC World Asia, we gain partners interested not only in our ability to grow... but also our ability to bring climate change solutions to new markets and drive positive environmental impact."
The new investment will also see ABC World Asia managing director Tan Shao Ming join Sunseap's board.
Sunseap has installed solar systems on the rooftops of more than 1,500 HDB blocks in Singapore, producing enough clean energy to power about 42,000 four-room HDB households annually.
It allows residential customers to reduce their carbon footprints by switching to certified green energy through the liberalised electricity retail market.
Sunseap's off-site clean energy supply contracts are also enabling global tech giants Apple and Microsoft to meet their local energy requirements by using renewable sources.
It has projects already operating or under construction in China, Taiwan, Japan, and parts of South-east Asia, including Vietnam.
Sunseap chief executive and executive director Frank Phuan said: "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."
