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Banpu invests USD 72m in Sunseap

Solar systems in Singapore. Image by: Sunseap (www.sunseap.com).

February 14 (Renewables Now) - Thailand-based energy solutions company Banpu PCL (BKK:BANPU) has invested SGD 100 million (USD 71.9m/EUR 66.3m) in Sunseap Group Pte Ltd, the Singapore-based clean energy provider said on Friday.

The latest investment follows a deal in September 2017, when Banpu took a 25.7% stake in Sunseap for SGD 75 million through its unit Banpu Infinergy Co Ltd, becoming the company's biggest shareholder. The unit will become part of Banpu NEXT, which will be Banpu's flagship company in its clean energy portfolio, as part of a restructuring that is due to be complete this month.

Sunseap noted that the latest funding round follows a SGD-50-million investment from private equity fund ABC World Asia and investment company Temasek Holdings Private Limited in January.

The company will use the new funds to back its projects and expansion across Asia.

Sunseap at present has a total capacity of 1.7 GWp, including projects in operation, under construction and under development in the Asia-Pacific region.

(SGD 1.0 = USD 0.719/EUR 0.663)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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