Singapore solar co Sunseap attracts Shell's investment interest
Solar panels. Source: Sunseap Group (www.sunseap.com).
Royal Dutch Shell (AMS:RDSA) has made an undisclosed investment in Singapore-based clean energy provider Sunseap Group Pte Ltd under a planned collaboration on solar projects in the Asia Pacific region, including Singapore.
The investment was made by Shell’s corporate venturing arm Shell Technology Ventures BV, Sunseap said on Tuesday without providing further details for the transaction.
“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,” said Camillus Yang, Sunseap’s vice president for corporate development and finance.
Sunseap has more than 160 MW of contracted solar project capacity in Singapore, either deployed or in the process of being installed, and a pipeline of overseas projects in Cambodia, India, Thailand, Vietnam, Malaysia and Australia. The company said in May it plans to expand both on the domestic solar market and in the region, eyeing SGD 75 million (USD 55.3m/EUR 46.8m) for the growth initiative.
According to the latest forecast of Bloomberg New Energy Finance (BNEF), the installed power generation capacities in the Asia-Pacific are expected to rise substantially over the next 25 years. Of the total 4,890 MW seen to be added in the area, almost two-thirds, or USD 3.6 trillion (EUR 3.04trn), will come from renewables.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.