Sunseap raises $100 million in Series D funding

Sunseap raises $100 million in Series D funding

February 14, 2020

Sunseap Group Pte Ltd (Sunseap), Singapore's leading provider of renewable energy solutions, continues to attract strong investor following. It said today that it has raised S$100 million in its fourth round of fund-raising from Banpu, a listed company on the Stock Exchange of Thailand, as part of its commitment towards sustainability.

The latest Series D4 round comes hard on the heels of a combined S$50 million investment from ABC World Asia and Temasek last month, and the funds raised will be used to support Sunseap's projects and expansion across Asia.

Banpu is a leading integrated energy solutions company with three core groups of business - energy resources, energy generation and energy technology - and has expanded into 10 countries in the Asia-Pacific region. Banpu's commitment to sustainability while growing its business has led to the reorganisation of some of its operations to create Banpu NEXT, a move that is expected to be completed by the end of February.

As part of the investment, Banpu has appointed its Senior Vice President, Finance and Strategy, Mr Banchob Kitchpanich, as a representative to Sunseap's board.

Sunseap's President and Executive Director, Mr Lawrence Wu, said: "The additional investment by Banpu is another vote of confidence for Sunseap's sustainable business model and our smart city technologies. Their commitment will help position us as the leader in smart city and sustainable clean energy solutions to a wider customer base and help fight climate change.

"Banpu is one of Asia-Pacific region's leading and most experienced integrated energy solutions provider and we see synergies between our business and theirs. We welcome its representative to our board and look forward to having Banpu's valuable perspective as we deliberate strategic plans for the Sunseap group of companies."

In recognition of the Banpu's sustainability efforts and commitment to Environmental, Social and Governance (ESG) principles, which support its business growth as well as generate benefits and returns for all stakeholders, Banpu was selected as a member of the Dow Jones Sustainability Indices (DJSI) - Emerging Markets for a sixth consecutive year in 2019. It was also rated "A" under the MSCI ESG Ratings and was part of the Thailand Sustainability Investment list under the Stock Exchange of Thailand Sunseap is the largest clean energy solutions provider in the Singapore with almost 300 MegaWatt-peak (MWp) of solar energy projects contracted, of which 168 MWp have been completed on more than 1,500 buildings in Singapore including public housing estates, as well as commercial and industrial buildings.

Sunseap also provides residential customers in Singapore with access to certified solar energy generated in Singapore to reduce their carbon footprints. The group, which also supplies tech giant Apple and Microsoft with renewable energy for their entire local operations, won the tender for the Singapore government's SolarNova 4 last year. Under the programme, Sunseap will install more than 70 MWp of solar panels on the rooftops of housing blocks and other government sites.

Outside Singapore, Sunseap has also commissioned one of the largest solar projects in Vietnam, a 168MWp solar farm in Ninh Thuan Province. It currently has a total and projected capacity of 1.7 GigaWatt-peak consisting projects that are in operation, under construction and in development in the Asia-Pacific region, as well as a strong pipeline of projects in China, Taiwan, Japan and other parts of Southeast Asia.

About Sunseap
Sunseap Group is the leading solar energy system developer, owner and operator in Singapore. It operates through five key units: Sunseap Leasing, Sunseap International, Sunseap Energy, Sunseap Engineering and Sunseap Solutions. Sunseap Leasing is the first and largest solar leasing company in Singapore. Sunseap International targets markets in the Southeast Asian and Pacific regions. These include a 168 MegaWatt-peak (MWp) solar farm in Vietnam, a 140 MWp solar farm in India, and a 10 MWp solar farm in Cambodia. Sunseap Energy provides renewable energy solutions utilising off-site arrangements by drawing on solar systems within the Group's portfolio of distributed generation assets. A notable client of Sunseap Energy is Apple, which signed an agreement with Sunseap to procure 100% of its local energy requirements from renewable sources. Sunseap Energy is also providing Microsoft 100% of the renewable energy produced from 60 MW of rooftop solar projects in Singapore. Sunseap Engineering provides engineering, procurement and construction as well as operation and maintenance services for PV projects. Sunseap Solutions focuses on energy efficiency solutions by providing services such as energy audits, lighting retrofitting and green roof systems.

Media Contacts

Sunseap Group Pte Ltd
Sebastian Wang
Tel: +65 6602 8086
Email: corpcomms@sunseap.com

Catherine Ong Associates
Ashley Silitonga
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Email: ashley@catherineong.com