Solar player Sunseap raises S$77m for expansion
It will double contracted solar project capacity and expand into India, Thailand and the Philippines
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SUNSEAP Group, one of Singapore's largest and leading providers of solar energy, announced on Wednesday that it has raised S$77 million in equity and debt capital to fund its expansion plans and to hasten the adoption of solar power in Singapore. This brings its enlarged enterprise value to S$230 million.
Of the S$77 million, up to S$27 million is a Series B investment led by Trirec, a new Singapore-based cleantech fund backed by international investors such as Enspire APUS Investments and Hong Kong-based Chow Tai Fook Enterprises; close to S$50 million is debt funding in the form of a loan facility from DBS, The Business Times has learned.
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