Startups & Tech

Solar-energy provider Sunseap Group pulls in Series E funding from Dutco

Published Thu, Mar 18, 2021 · 05:07 PM

SINGAPORE-BASED solar energy provider Sunseap Group has secured an undisclosed amount in a Series E funding round from Dubai-based conglomerate, Dutco.

This equity investment from Dutco follows a recent announcement of a planned acquisition of a 39-per-cent stake in Sunseap's five solar projects in Vietnam by TNB Renewables Sdn Bhd, a wholly owned subsidiary of Malaysia's national electricity company Tenaga Nasional Berhad.

The fresh funds will be channelled towards Sunseap's future solar projects in Singapore and within the region. The group has completed and upcoming projects in Singapore, Australia, Vietnam, China, Taiwan and Cambodia.

Co-founder and chief executive officer of Sunseap, Frank Phuan, said: "The investment will help take us to our next phase of growth, where growing awareness of climate change, shifts in regulatory priorities and technological advances, have all combined to make renewable energy an attractive and viable option for all. Sunseap is well positioned to tap growth opportunities at home and abroad."

Tariq Baker, vice-chairman and managing director of Dutco Group, said: "Sunseap Group's prudent financial management, strong leadership team, solid track record in project development and plans for further geographic expansion have all contributed to our decision to make this investment."

Sunseap Group is a solar-energy system developer, operator and owner in Singapore and has completed projects on more than 1,500 buildings in the city-state, including public housing estates, commercial and industrial buildings.