Sunseap Group is partnering with Statecloud Energy Co to invest in a RMB300 million ($62.3 million) fund for solar energy projects in Jinan City, Shandong and other provinces.
The five-year investment through a Qualified Foreign Limited Partnership (QFLP) will provide funding to build, own and operate distributed solar assets such as commercial rooftop solar photovoltaic (PV) systems.
Sunseap says the partnership is targeting over 200MW in distributed solar assets. It also proposes to build and eventually transfer utility-scale renewable energy assets in Shandong.
The company did not disclose how much the respective partners will each be contributing to the fund.
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It is the first such QFLP in Jinan City and the second in the Shandong province.
“China is emerging as a world leader in investing and deploying renewable energy, and we are glad to be able to further our involvement in the China renewable energy market through this partnership with Statecloud Energy, says Frank Phuan, co-founder and CEO of Sunseap.
“We believe that the combination of Statecloud’s local knowledge and contacts and Sunseap’s expertise and experience in providing solar energy solutions will help the fund tap opportunities,” Phuan adds.
Wong Choo Sin, global markets director, China group of Enterprise Singapore, says, “Singapore and China are both stepping up efforts to promote green development to build a sustainable future. Sunseap’s collaboration with Statecloud will help to contribute to Shandong province’s push towards carbon neutrality.”
Statecloud is an energy technology enterprise based in Beijing whose investors include state-owned institutions such as China Huadian Corporation, China Huaneng Group and China Three Gorges Corporation. Its areas of interest include smart energy, big data analytics for the energy sector, hydrogen energy and energy storage and energy financial services.
Sunseap’s involvement in the China market goes back to December 2017 when it signed a memorandum of understanding with Jiangsu Linyang to develop renewable energy and energy efficiency management solutions. In 2019, it set up a QFLP in Shanghai with Shanghai Guohe Capital and Seiyu Energy.
Photo: Sunseap
