December 6 (Renewables Now) - Integrated energy solutions provider Agritrade International Pte Ltd and private equity investment company Hector Capital Partners Ltd have together invested up to USD 100 million (EUR 91m) in Singapore-based solar rooftop developer Sun Electric Pte Ltd.
The investment, announced on Thursday, makes the two companies majority shareholders in Sun Electric. The company has a
pipeline exceeding 80 MW of solar rooftops projects in Singapore and plans for 300 MW more.
The deal will enable the developer to step up the pace of construction of its current project pipeline and start talks with rooftop owners to build several hundred megawatts more in Singapore in the next three to five years. Its target for the Asia-Pacific region tops 1 GW.
This is the first investment into renewable energy for Agritrade and Hector Capital. It complements their existing investments in the power generation sector.
The two companies want to take advantage of growth opportunities in Singapore where the government is looking to boost solar capacity to 2 GW, said Edgare Kerkwijk, who advised Agritrade and Hector Capital on the deal.
(USD 1.0 = EUR 0.9)