Singapore-based solar developer and operator Sunseap Group Pte Ltd has secured investments of an undisclosed amount from its latest Series E funding round, which it plans to spend on projects in Japan.
The financial backing comes from three new investors -- global trader Sumitomo Corp (TYO:8053), regional power company Shikoku Electric Power Co Inc (TYO:9507) and Sumitomo Mitsui Finance and Leasing Co Ltd (SMFL), the latter being a joint venture between Sumitomo Corp and Sumitomo Mitsui Financial Group Inc (TYO:8316).
“These investments will certainly strengthen Sunseap’s capacity to expand its business in Singapore and in the region,” commented Lawrence Wu, co-founder and president of Sunseap Group.
The Singapore-based company develops, owns and operates solar power systems through five business units, namely Sunseap Leasing, Sunseap International, Sunseap Energy, Sunseap Engineering and Sunseap Solutions. The group has more than 400 MWp of contracted solar projects, including installations on more than 1,500 buildings in Singapore surpassing 168 MWp of total capacity.
In March, Bloomberg reported citing informed people that Sunseap was working on a plan for an initial public offering (IPO). According to the news agency, the move could happen this year and fetch up to SGD 600 million (USD 452m/EUR 375m).
(SGD 1.0 = USD 0.754/EUR 0.624)
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