You are here
Hector Capital, Agritrade International eye green market in Singapore
INTEGRATED energy solutions provider Agritrade International and consumer-focused private equity firm Hector Capital are investing up to US$100 million in Sun Electric to help the homegrown solar rooftop developer go regional, and tap Singapore's green energy market.
Hector Capital has an investment in Singapore-based Agritrade International, which provides over 1.2 GW (gigawatts) of power capacity in Asia.
Both companies have acquired a 51 per cent stake in Sun Electric for an undisclosed sum, with options to purchase more in the future, Edgare Kerkwijk told The Business Times on Friday. Mr Kerkwijk is the managing director of Asia Green Capital, and adviser to Hector Capital and Agritrade International on their investment in Sun Electric.
The remaining shares in Sun Electric are owned by the company's founder, Matthew Peloso.
Established in 2013, Sun Electric is Singapore's first licensed solar energy retail company, and has been developing solar rooftops with JTC and other commercial property owners in Singapore.
The company has a pipeline of more than 80 MW (megawatts) of solar rooftop projects in Singapore, and is working to build over 300 MW in the city-state. It is also looking to expand its business to other markets in the Asia-Pacific region.
With the support of the new majority shareholders, Sun Electric will now fast track the construction of its current project pipeline, and initiate discussions with rooftop owners to enlarge its portfolio of solar rooftops in Singapore, the companies said.
Added Mr Kerkwijk: "This is an exciting investment opportunity for Agritrade and Hector Capital as we are entering a new sector, renewable energy, which is complimentary with our existing investments in the power generation sector.
"With the recent announcement of the Singapore government's plan to ramp up its solar capacity by more than seven times from current levels to 2 GW installed capacity, we are keen to participate in this growth, and support Singapore's ambitions for renewable energy."