Singapore’s state investment arm Temasek Holdings furthers its commitment into renewable energy with its latest co-investment, alongside a private equity fund, of $50 million in a solar energy firm.
Sunseap secured funding from Temasek and Singapore-based ABC World Asia for solar projects in the city-state and other parts of Asia. Following the investment, which was advised financially advised by Credit Suisse and DBS, ABC World Asia’s managing director Tan Shao Ming will join the solar power company’s board of directors.
«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,» said Sunseap's president and executive director Lawrence Wu.
Temasek continues to bet on renewable energy with the latest investment into Sunseap. Earlier this month, it co-launched renewable energy platform O2 Power in India through a $500 million co-investment with Swedish asset manager EQT.
Going Solar
Sunset already has solar systems installed on the rooftops of more than 1,500 public housing blocks in Singapore which it says produces enough clean energy to power around 42,000 four-room households. It has also recently won tender to further install solar panels across 1,218 public housing blocks and 49 government sites.
And within Asia, it has a grand total asset project capacity of 1.7-gigawatt peak from projects in China, Taiwan, Japan, Vietnam, and other Southeast Asian markets.
«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,» said Frank Phuan, Sunseap's CEO and executive director.
