Sunseap Group receives investment from Shell
Sunseap Group, Singapore's leading integrated clean energy solutions provider, has secured investment from Shell Technology Ventures B.V., Shell's corporate venturing arm, with an intent for Sunseap and Shell to collaborate on solar projects in the Asia Pacific region, including Singapore.
The investment into Sunseap Group is further attestation of Sunseap's leadership position in distributed solar generation in Singapore and the region. Sunseap has no less than 160 megawatts of distributed solar contracts in Singapore, holds an electricity retailer license in Singapore and has also secured utility scale solar projects in the region.
"Both our organisations are excited at the potential solutions we can deploy for the benefit of our shareholders, our customers and the stakeholders in the countries we operate in. As part of our collaboration, there are many capabilities and knowledge that we can cross leverage upon to deploy distributed solar generation projects in the Asian markets," says Camillus Yang, Sunseap's Vice President for Corporate Development and Finance. He added: "Sunseap Group desires to shape a better low carbon future and hopes to collaborate with companies to catalyse the region's energy transition towards de-carbonisation."
Frank Phuan, Sunseap's Director adds: "Singapore is an important hub for a pan-regional solar development company and we are looking forward to working with Shell to further grow our business. We at Sunseap recognise that companies such as our recent client, Apple have a vast network of assets and our distributed solar business model can help such companies to reduce their carbon footprint cost effectively."
Marc van Gerven, Vice President of Solar at Shell New Energies said: "We are excited about Shell Technology Ventures' investment in Sunseap Group and Shell's potential collaborations with the company on solar projects in the Asia-Pacific region. We are impressed by Sunseap's ability to deliver innovative and affordable renewable energy solutions to meet customers' needs, including through its strong distributed solar generation asset base in Singapore."
The renewable markets in Asia are estimated to grow exponentially as governments in the region have set higher targets on a renewable energy mix and are committed to delivering their commitments to the Paris agreement.
According to Bloomberg New Energy Finance's New Energy Outlook report: "The Asia-Pacific region will experience colossal growth in new power generation capacity over the next 25 years, with installed capacity tripling and electricity generation doubling. Renewable energy will make up nearly two-thirds – or $3.6 trillion – of the 4,890 gigawatts added during this period.
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.
About Shell Technology Ventures
Shell Technology Ventures B.V. ("STV") is the corporate venture capital arm of Royal Dutch Shell plc ("Shell"). With offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell's tradition in venture capital since 1998, STV's investment focus includes oil and gas technologies, renewable energy technologies, clean tech and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, visit www.shell.com/techventures.
Sunseap Group Pte Ltd
Tel: +65 6602 8086