Sunseap Group Announces Partnership with Pacific Green Energy Co., Ltd for Solar Project Development in Taiwan



June 18, 2019

Sunseap Group, Singapore's leading integrated clean energy solutions provider, announced today that it has formed a joint venture with Pacific Green Energy Co., Ltd to jointly develop solar projects in Taiwan.

The news follows Sunseap's recent announcements to build a US$150 million 168 megawatt (MW) solar farm in Ninh Thuan province on Vietnam's south-central coast. Sunseap recently teamed up with one of China's first private equity firms, Guohe Capital, and Shanghai's renewable energy company Starkle Energy to expand into China, with a target to achieve over 200 MWp of solar projects over the next two years.

The joint venture company, Pacific Sunseap Energy Ltd, will focus on distributed photovoltaic projects in Taiwan, with plans to develop over 100 MWp of solar projects in Taiwan over the next three years.

Over the course of eight months, Sunseap's foray into the Taiwanese market has gained some strong momentum. It recently provided engineering, procurement and construction (EPC) services for one of Taiwan's largest AC cable manufacturer to install a 2 MWp solar system on the rooftops of its new Taoyuan factory. Sunseap has also completed a 3.3 MWp canal-based solar system in Pingtung and has secured several projects in the manufacturing and agriculture sectors.

Mr Frank Phuan, Co-Founder and CEO of Sunseap, said: "We are excited to partner with Pacific Green Energy Co., Ltd. to expand into the Taiwanese market and we hope to replicate the success we've achieved in Singapore and regionally, in the areas of rooftop and ground mounted solar solutions. The joint venture will allow us to utilise Pacific Green Energy Co., Ltd's resources and leverage the company's network and expertise in Taiwan, and in turn for Pacific Green Energy Co., Ltd to leverage our skills and experience in delivering clean energy solutions in a reliable and cost-effective manner.

"Sunseap is always on the lookout for opportunities to collaborate with like-minded partners to develop innovative and viable renewable energy solutions such as the deployment of solar systems on alternative spaces such as canals, reservoirs and sea for the sustainable development of economies and communities in the Asia Pacific region."

Mr Calvin Cheng, Co-Founder of Pacific Green Energy Co., Ltd, said: "My family has had a long history in helping to electrify and industrialise Taiwan through our cable business. The green revolution is happening right now and it is my passion to play a role to shape Taiwan's energy future that led me to start Pacific Green Energy Co., Ltd.

"Taiwan's energy market is going through a transformational period to become more sustainable, and the time is now for the nation to embrace more green energy. With its high incentives, Taiwan is one of the fastest growing solar markets in Asia. We are confident our joint venture with Sunseap will place us in a competitive position to rapidly deploy, develop and acquire solar projects in Taiwan."

Sunseap is one of the largest and most established players in the solar energy industry in the region. It has a pipeline of projects in Cambodia, Philippines, India, Thailand, Vietnam, Malaysia and Australia.

In Singapore, Sunseap is the largest owner of solar rooftop systems, with more than 250 MWp of contracted capacity. It has won five out of eight solar tenders called by the Singapore government to date to install photovoltaic panels on the rooftops of a number of public housing and other government properties.

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About Sunseap Group
Sunseap Group is the leading solar energy system developer, owner and operator in Singapore. It operates through three key units: Sunseap Leasing, Sunseap International and Sunseap Energy. Sunseap Leasing is the first and largest solar leasing company in Singapore. Sunseap International targets markets in the South East Asian and Pacific regions. These include a 140 MegaWatt-peak (MWp) solar farm in India and a 10 MWp solar farm in Cambodia. Sunseap Energy provides clean energy solutions utilising off-site arrangements by drawing on solar systems within the Group's portfolio of distributed generation assets. A notable client is Apple, which recently signed an agreement with Sunseap to procure 100% of its local energy requirements from renewable sources.

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