Sunseap raises S$100 million in Series D funding from Thailand's Banpu
SINGAPORE-BASED solar energy solutions provider Sunseap Group has raised a fresh S$100 million in Series D funding, it announced on Friday, with the funds going to regional expansion.
The latest injection from Thai-listed energy group Banpu Public Co takes the fund-raising round to S$203 million so far, a spokesman for Sunseap told The Business Times.
That comes in the wake of a recent investment of S$50 million - from private equity fund ABC World Asia and national investment firm Temasek Holdings - that was disclosed on Jan 29.
Banpu, which recently inked a deal to invest 1.14 billion yen (S$14.4 million) for a 19.9 per cent stake in Japanese power retailer Global Engineering Co in early February, has named senior vice-president of finance and strategy Banchob Kitchpanich to Sunseap's 10-member board.
Banpu had said on Feb 4 that it will work with Global Engineering "in South-east Asia for providing demand management solutions" amid a boom in renewable energy investments.
Now, Sunseap has found synergies between its business and Banpu's, said president Lawrence Wu, adding: "We welcome its representative to our board and look forward to having Banpu's valuable perspective as we deliberate strategic plans for the Sunseap group of companies."
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Outside Singapore, home-grown Sunseap has solar farms in Vietnam and Cambodia, and a contracted pipeline in Thailand, on top of its footprint in other parts of the Asia-Pacific.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board
Shell maintains pace of buybacks as profit beats estimates
Gold prices drift higher as Fed stands pat on key interest rate
Oil falls to 7-week low on surprise US storage build, Middle East hopes