Renewable

November 22 (Renewables Now) - Singapore-based solar developer SUN Energy said today it has completed a USD 25 million (EUR 22.2m) in a Series A funding round to secure proceeds to expand its foothold on the Indonesian market.

More specifically, funds from the transaction will help the Singaporean firm develop more solar photovoltaic (PV) projects in Indonesia and grow its platform in the region. Its intention is to partner with blue-chip strategic partners sharing a similar vision on energy transition.

The deal values SUN Energy at some USD 200 million. The financing round was led by Southeast Asia conglomerates such as Indonesia's energy group TBS Energy Utama (IDX:TOBA) and mining contractor PT Delta Dunia Makmur (DOID).

“The potential for solar energy in Indonesia is prolific and we are excited for our Series A partners to join us on this transformational journey,” said Philip Lee, CEO of SUN Energy.

The Singaporean solar group aims at having 2 GWp of operational capacity by 2035. Last month, the company agreed to buy the 100-MW Merredin solar park in Western Australia from China’s Risen Energy and is also working to expand its business in Thailand, Vietnam and Taiwan.

(USD 1.0 = EUR 0.887)