Sunseap Group Pte Ltd (Sunseap), a renewable energy solutions provider based in Singapore, announced Wednesday that it had raised S$50 million (US$37 million) in funding from investment firm Temasek and private equity fund ABC World Asia.
Founded in 2011 by Frank Phuan and Lawrence Wu, Sunseap currently produces clean energy to power approximately 42,000 four-room HDB households in Singapore annually. It operates through five key units: Sunseap Leasing, Sunseap International, Sunseap Energy, Sunseap Engineering, and Sunseap Solutions.
Sunseap International targets markets in the Southeast Asian and Pacific regions. Last year, the company reached a new milestone by commissioning one of the largest solar farms in Vietnam.
Across the region, it has a total operating, under-construction, and developmental asset project capacity of 1.7 GigaWatt-peak, including a strong pipeline of projects in China, Taiwan, Japan, and other parts of Southeast Asia.
In a statement, the company said it would use the fresh investment to launch additional solar projects in Singapore and other parts of Asia.
Sunseap was founded on the idea that we could provide attractive, clean energy solutions to businesses and individuals on commercially viable bases,” said Sunseap’s President and Executive Director Lawrence Wu.
The investment from Temasek and ABC World Asia will allow the company to bring its climate change solutions to new markets and drive positive environmental impact, he added.
ABC World Asia is a private equity fund dedicated to impact investing. Based in Singapore, the firm focuses on financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.
“Renewable energy is a growing sector that presents a compelling opportunity to create meaningful positive outcomes. This investment addresses two of the five investment themes identified as areas of focus for ABC World Asia,” said David Heng, Founder and CEO of ABC World Asia.
Sunseap’s CEO and Executive Director Frank Phuan said Sunseap would continue to partner and support more businesses in their drive for a sustainable future as the company continues to develop more renewable energy solutions and pursue energy efficiency projects.
Based on publicly available data, the company has so far raised about $237.7 million over seven funding rounds. The company is also backed by United Overseas Bank and ING Group, which led Sunseap’s previous funding rounds.