Sunseap Group Secures $50 Million for Solar Projects in Singapore
ABC World Asia and Temasek were the investors
February 10, 2020
Sunseap Group, a Singapore-based renewable energy solutions provider, has received a total sum of S$50 million (~$36.7 million) from ABC World Asia and Temasek.
The investment will be used for developing solar projects in Singapore and other parts of Asia, states the company. Sunseap added that recently, it also won another tender, which will see solar panels installed across buildings in Singapore, and it is expected to generate more than 70 MW of solar energy.
Sunseap’s president and executive director Lawrence Wu said: “Through this investment from Temasek and ABC World Asia, we gain partners who are 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.”
According to ABC World Asia’s Managing Director Tan Shao Ming, Asia’s electricity and heat generation sector alone creates 25% of global emissions. While climate change is expected to affect every region in the world, the consequences of global warming and the negative effects of greenhouse gas emissions on people’s health are felt more severely in Asia.
The transaction marks the first investment by ABC World Asia. ABC World Asia’s Founder and Chief Executive Officer David Heng said, “Renewable energy is a growing sector that presents a compelling opportunity to create meaningful positive outcomes. This investment addresses two of the five investment themes identified as areas of focus for ABC World Asia–climate solutions, and smart and livable cities.”
In June 2019, Mercom reported that Sunseap Group secured a $43 million green loan from the United Overseas Bank Limited to increase the reach of solar power in the country. The company had stated that it would use the loan to install solar photovoltaic systems on 210 rooftops, ranging from commercial and industrial premises to government establishments.
In November 2019, it was reported that Temasek partnered with EQT, a Swedish private equity company, to launch a renewable energy platform in India. The platform, called 02 Power, aims to construct wind and solar projects in the country. The companies have allocated an initial equity commitment of $500 million (~₹35.34 billion) as the seed capital for this joint venture.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.