Sunseap lands S$50m from Temasek and private equity fund for solar projects
Temasek and ABC World Asia take minority stake in Sunseap; ABC World's MD joins Sunseap board
Ng Ren Jye
Singapore
SUNSEAP Group has secured S$50 million in funding from Singapore state investment firm Temasek and Asia-focused private equity fund ABC World Asia.
The funds will go into solar projects in Singapore and other parts of Asia, the home-grown solar-energy system company said on Wednesday.
Temasek and ABC World Asia have taken a minority stake in Sunseap, and ABC World Asia's managing director Tan Shao Ming will join Sunseap's board of directors.
Credit Suisse (Singapore) and DBS Bank acted as financial advisers to Sunseap for this transaction.
Sunseap's president and executive director Lawrence Wu said: "Through this investment from Temasek and ABC World Asia, we gain partners not only interested in our ability to grow as a company, but also our ability to bring climate change solutions to new markets and drive positive environmental impact."
In addition to securing the funding, the company in November joined UOB's U-Solar programme as a partner. The programme connects Asian businesses and individuals with the lender's solar company partners to help clients go green by switching to solar power.
In October, Sunseap Group's unit won a tender to install more than 170,000 solar panels in 1,218 Housing & Development Board blocks and 49 government sites, which include 30 schools, 13 Ministry of Defence sites and the National Library Building.
Installation of the panels is expected to begin early this year and be done by the third quarter of 2022.
Previously, oil giant Shell's corporate venture arm, Shell Technology Ventures, had in August 2017 invested an undisclosed sum in Sunseap.
Thai utility firm Banpu Public Company invested S$75 million in September 2017 and Catalist-listed building maintenance company ISOTeam invested S$5 million in Sunseap in May 2017.
Singapore-based investment holding firm Trirec and its group of institutional co-investors, including Enspire APUS Investments and Hong Kong-based Chow Tai Fook Enterprises, as well as a loan facility from DBS Bank, invested S$27 million in August 2015.
