New Year Message from Sunseap Group President, Mr Lawrence Wu

Mr Lawrence Wu

By Jeffrey Selamutu
January 4, 2022

1. How did the company perform in 2021?

Despite the challenges faced in 2021, Sunseap has made significant progress and achievements in our business performance. We have successfully increased our total contracted solar capacity to over 2,000 MegaWatt-peak (MWp) across Asia, and on more than 3,000 buildings in Singapore, which includes public housing estates, as well as commercial and industrial buildings.

We kicked off 2021 with the announcement of a 20-year Power Purchase Agreement (PPAs) with Vietnam Electricity to supply clean energy to the country's national grid. The following month, we announced the completion of one of the world's largest offshore floating PV (OFPV) system. The 5MWp system is moored in the Straits of Johor. In Taiwan, we completed 5 new projects and increased our contracted capacity to 60 MWp.

Our portfolio of strategic partners includes Dubai's Dutco, Malaysia's Tenaga Nasional Berhad and Japan's Sumitomo Corporation and subsidiaries Shikoku Electric Power Company, and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). In terms of new clients, we welcome Amazon, DHL, StorHub and Hyundai.

2. Can you tell us about some of the sustainable investment the company has made to gear up for the next few years?

We secured a $85.8 million green loan from DBS and UOB to finance the SolarNova 4 project to install solar photovoltaic (PV) systems across more than 1,200 public housing blocks and 49 government sites. With a capacity of 70 MWp (potentially up to 102 MWp), Solar Nova 4 is Singapore's largest clean energy project to date. DBS Bank and UOB will each provide half the loan amount utilizing Sunseap's Green Financing Framework.

Looking at the region, Sunseap partnered with China's Statecloud Energy Co. Ltd to invest in a RMB 300 million fund for solar energy projects in Jinan City and other provinces. The five-year investment, through a Qualified Foreign Limited Partnership (QFLP), provides funding to build, own and operate distributed solar assets, with a target of achieving over 200MW distributed solar assets.

And of course, we are excited to see the plans for the 7GWp solar power system and mega ESS project around the Riau Islands take shape in the new year.

3. What are you most looking forward to in 2022?

In October 2021, EDP Renewables (EDPR) - the world's 4th largest clean energy producer - became a majority shareholder in Sunseap. EDPR's investment marks a significant milestone for Sunseap and there is much to do in the coming years. We are excited to have a partner like EDPR who supports our mission, values, and ambition.

Furthermore, EDPR's global reach in 17 large markets will also create opportunities for collaboration and partnership which is key to energy transition. Here's to a fantastic 2022 for everyone!

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