Singapore's Sunseap secures funds for expansion

Singapore. Author: John M. Quick.

May 9 (Renewables Now) - Singapore-based clean energy provider Sunseap Group Pte Ltd announced over the past week a couple of transactions that increased its financing resources.

Last Tuesday, the solar-focused company unveiled it had raised some SGD 6.7 million (USD 4.8m/EUR 4.4m) in the first close of its third round of funding. This transaction valued Sunseap at more than SGD 200 million, it said. Local building maintenance specialist Isoteam Ltd (SGX:5WF) subscribed for SGD 5 million worth of Series C preference shares in this latest round of funding.

Sunseap noted that it will use the funds to expand both at home and in the region. The company targets raising a total of SGD 75 million for its expansion plans.

Today, Sunseap announced it has received a SGD-15-million loan from United Overseas Bank (UOB) for several solar projects in Singapore, including a 9.5-MW photovoltaic (PV) system at Jurong Port and a 2.4-MWp project for consumer electronics company Panasonic (TYO:6752).

The firm said that it has over 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.

(SGD 1.0 = USD 0.710/EUR 0.650)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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