Sun goes down on Singapore's first solar power firm Sun Electric

Anita Gabriel

Published Mon, Nov 9, 2020 · 09:50 PM

Singapore

THE sun has set on Singapore's first licensed solar energy retailer Sun Electric Power (SEP).

The electricity retailer for mid-size and large businesses is under liquidation after commodity house RCMA Asia won the bid in court to wind up the firm in September, The Business Times has learnt. (see amendment note)

RCMA pushed to wind up the firm on the basis that SEP was unable to pay some S$7.5 million, which mostly entailed "incentive payments" for assuming SEP's market making role in the electricity futures market, as it was cash flow and balance sheet insolvent, according to court documents.

SEP has filed an appeal against the court order and BT understands that the court granted a conditional stay to SEP at a hearing last week. A search on the Accounting…