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Sunseap secures S$50m from Temasek, private equity fund for solar projects

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 be used for solar projects in Singapore and other parts of Asia, the home-grown solar energy system company said on Wednesday.

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 at 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 in early 2020 and be completed by the third quarter of 2022.