Sunseap Group has obtained S$50 million from Singapore’s state investment company Temasek and private equity fund firm ABC World Asia as funds for launching solar projects.
The indigenous solar energy system organisation said that these funds would be utilised for rolling out solar projects not only in Singapore, but also across other regions of Asia.
For this transaction, Credit Suisse (Singapore) and DBS Bank were roped in to perform the role of financial advisers to Sunseap.
Apart from obtaining the funding, Sunseap made its foray into UOB’s U-Solar programme as a partner in last November.
This programme brings together businesses as well as entrepreneurs in Asia and the lender’s solar firm’s allies to facilitate customers embrace eco-friendly measures by opting for solar energy.
Sunseap Group’s arm bagged a contract last October to set up over 170,000 solar panels at 49 government institutions and 1,218 Housing & Development Board blocks that include 30 schools, National Library Building and 13 Ministry of Defence establishments.
The process of installing these panels is scheduled to start from the early part of this year and the task is slated to be accomplished by the third quarter of 2022.
Lawrence Wu, president and executive director of Sunseap, said that the funding obtained from its allies Temasek and ABC World Asia not only enables the organisation to expand, but also makes it possible to address the issue of climate change in emerging markets.