Renewable energy firm Sunseap weighing IPO: sources

Singapore

SUNSEAP Group, a Singapore renewable energy firm, is weighing an initial public offering (IPO) in the city-state that could raise as much as S$600 million, according to people with knowledge of the matter.

The company, which counts Amazon.com, Apple and Microsoft as customers, is working with advisers on the planned first-time share sale, the people said. Sunseap aims to list as soon as the end of this year, said the people, who asked not to be identified as the information is private.

Deliberations are still ongoing and details such as size and timing could change, said the people. A representative for Sunseap declined to comment.

Any deal will help give a boost to the Singapore IPO market, which has only hosted one new listing this year, according to data compiled by Bloomberg.

Aztech Global raised about US$224 million in an offering this month. Other listing candidates in the island republic in 2021 include Thai Beverage's brewery unit and City Developments Ltd's UK asset real estate investment trust.

Sunseap, backed by Thai energy firm Banpu, is the largest clean energy solutions provider in Singapore, according its website. It has a portfolio of nearly two gigawatt-peak of pending and completed solar projects in the city state, South-east Asia and the Pacific.

Banpu bought a substantial stake in Sunseap in 2017 and raised its holding to about 49 per cent last year. Sunseap also counts Temasek Holdings and Dubai's Dutco Group among its investors.

Sunseap in March signed a long-term agreement to supply 62 megawatts of solar energy for Amazon in the city-state. In 2015, it partnered Apple to power its Singaporean operations, while three years later the firm inked a deal with Microsoft to create a rooftop solar project. BLOOMBERG