SINGAPORE (Jan 29): Renewable energy provider Sunseap Group has bagged $50 million in funding from Singapore state investor Temasek and private equity fund ABC World Asia.
The investment will be used for solar projects in Singapore and other parts of Asia, the group reported on Wednesday.
“Asia’s electricity and heat generation sector alone creates 25% of global carbon dioxide emissions. While climate change is expected to affect every region in the world, the consequences of global warming and negative effects of greenhouse gas emissions on people’s health are felt more severely in Asia,” says ABC World Asia’s Managing Director Tan Shao Ming, who will also join Sunseap Group’s board of directors.
“Through its integrated solutions and its presence across 12 markets in Asia Pacific, Sunseap is well positioned to play a transformative role in the energy sector, making it a natural fit for ABC World Asia,” adds Tan.
Credit Suisse (Singapore) and DBS Bank acted as joint financial advisers to Sunseap for this transaction.
This marks a continuation of Sunseap’s efforts to accelerate the use of solar energy in Singapore. In November, the group had joined UOB’s U-Solar programme, which seeks to enable businesses and consumers to reduce their reliance on nonrenewable energy.
See: UOB in financing tie-up to help power use of solar energy in Singapore
Earlier in October, Sunseap had also won a tender to install 170,000 solar panels on Housing & Development Board (HDB) rooftops. The group currently has solar panels installed on the rooftops of more than 1,500 HDB blocks in Singapore.
See: Sunseap wins tender to install 170,000 solar panels on HDB rooftops
“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,” says Sunseap’s president and executive director Lawrence Wu.
