Singapore based solar power company Sunseap Group Pte Ltd has raised $50 million from Asia-focused impact investing private equity fund ABC World Asia and global investment company Temasek, which it plans to invest in solar projects within Singapore and elsewhere in Asia.
Both the investors are headquartered in Singapore. This is the first investment of ABC World Asia that counts Temasek as one of its investors.
Shell backed Sunseap did not identify the exact geographies where it plans to invest the proceeds apart from Singapore, but said the company has a total operating, under-construction and development asset project capacity of 1.7 GW and a strong pipeline of projects in China, Taiwan, Japan and other parts of Southeast Asia.
“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 Sunseap CEO and Executive Director Frank Phuan.
The company bagged its second big contract with the Housing & Development Board (HDB) under the SolarNova program of the Singapore’s government winning all of the 70 MW tendered as part of the 4th rooftop solar PV auction. It will be deploying bifacial solar modules for this 70 MW capacity (see Sunseap Bags 70 MW Rooftop Solar Contract In Singapore).
Since the start of the year 2020, this is yet another renewable energy investment news from Temasek. Last week along with EQT of Sweden, Temasek committed $500 million for new renewable energy platform O2 Power that targets over 4 GW of large scale solar, wind and hybrid power capacity in India (see New Renewable Energy Platform For India Launched).