Sunseap receives S$50 million funding from ABC World Asia and Temasek
January 29, 2020
Sunseap Group Pte Ltd (Sunseap), Singapore's leading
renewable energy solutions provider, has secured a total of
S$50 million from ABC World Asia, an Asia-focused impact
investing private equity fund, and Temasek, a global
investment company headquartered in Singapore.
The investment will be used for solar projects in Singapore
and other parts of Asia.
With solar systems installed on the rooftops of more than
1,500 public housing HDB blocks in Singapore, Sunseap
currently produces enough clean energy to power
approximately 42,000 four-room HDB households annually. It
allows residential customers to reduce their carbon
footprints by switching to certified green energy through
the liberalised electricity retail market. It also recently
won the tender for SolarNova 4, which will see solar panels
installed across buildings in Singapore, including 1,218 HDB
blocks and 49 government sites and expected to generate more
than 70 MegaWatt-peak (MWp) of solar energy, increasing
Sunseap's generation capabilities in Singapore.
Through its offsite clean energy supply contracts, the
renewable energy solutions provider also plays a critical
role in enabling companies like global tech giants Apple and
Microsoft meet their zero-carbon targets. In 2019, Sunseap
reached a new milestone by commissioning one of the largest
solar farms in Vietnam. Across the region, it has a total
operating, under-construction and developmental asset
project capacity of 1.7 GigaWatt-peak including a strong
pipeline of projects in China, Taiwan, Japan and other parts
of Southeast Asia.
Sunseap's President and Executive Director Mr Lawrence Wu
said: "Sunseap was founded on the idea that we could provide
attractive clean energy solutions to businesses and
individuals on a commercially viable basis. Through this
investment from Temasek and ABC World Asia, we gain partners
who are 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."
Sunseap's CEO and Executive Director Mr Frank Phuan added:
"As we embark on the next phase of growth, we look forward
to partnering and supporting more businesses in their drive
for a sustainable future, as well as developing more
renewable energy solutions and pursuing energy efficiency
projects, building Sunseap to be a distributed utility
provider in Singapore and across the region."
ABC World Asia is focused on five investment themes in which
independent research has shown that impact is achievable and
measurable in quantitative terms. "Renewable energy is a
growing sector that presents a compelling opportunity to
create meaningful positive outcomes," said ABC World Asia's
Founder and Chief Executive Officer Mr David Heng. "This
investment addresses two of the five investment themes
identified as areas of focus for ABC World Asia - Climate
Solutions, and Smart and Liveable Cities." he added. The
transaction marks the first investment by ABC World Asia.
"Asia's electricity and heat generation sector alone creates
25% of global CO² emissions. While climate change is
expected to affect every region in the world, the
consequences of global warming and negative effects of
greenhouse gas emissions on people's health are felt more
severely in Asia," said ABC World Asia's Managing Director
Mr Tan Shao Ming. "Through its integrated solutions and its
presence across 12 markets in Asia Pacific, Sunseap is well
positioned to play a transformative role in the energy
sector, making it a natural fit for ABC World Asia." Mr Tan
Shao Ming will also join Sunseap Group's Board of Directors.
Credit Suisse (Singapore) Limited and DBS Bank Ltd. acted as
financial advisers to Sunseap for this transaction.
About Sunseap Group
Sunseap Group is the leading solar energy system developer,
owner and operator in Singapore. It operates through five
key units: Sunseap Leasing, Sunseap International, Sunseap
Energy, Sunseap Engineering and Sunseap Solutions. Sunseap
Leasing is the first and largest solar leasing company in
Singapore. Sunseap International targets markets in the
South East Asian and Pacific regions. These include a 168
MegaWatt-peak (MWp) solar farm in Vietnam, a 140 MWp solar
farm in India, and a 10 MWp solar farm in Cambodia. Sunseap
Energy provides renewable energy solutions utilising
off-site arrangements by drawing on solar systems within the
Group's portfolio of distributed generation assets. A
notable client of Sunseap Energy is Apple, which signed an
agreement with Sunseap to procure 100% of its local energy
requirements from renewable sources. Sunseap Energy is also
providing Microsoft 100% of the renewable energy produced
from 60 MW of rooftop solar projects in Singapore. Sunseap
Engineering provides engineering, procurement and
construction as well as operation and maintenance services
for PV projects. Sunseap Solutions focuses on energy
efficiency solutions by providing services such as energy
audits, lighting retrofitting and green roof systems.
About ABC World Asia
Headquartered in Singapore, ABC World Asia is a private
equity fund dedicated to impact investing. Impact investing
encompasses the intention to generate positive, measurable
social or environmental impact, alongside a compelling
risk-adjusted return.
The fund's investment strategy aligns with Temasek's ABC
Framework for an Active Economy, a Beautiful Society and a
Clean Earth, building on the ideals of the 17 UN Sustainable
Development Goals.
ABC World Asia will focus on themes including – financial
and digital inclusion; better health and education; climate
and water solutions; sustainable food and agriculture; and
smart and liveable cities.
For more information, please visit www.abcworld.com.sg
About Temasek
Temasek is an investment company with a net portfolio value of S$313 billion as at 31 March 2019. Temasek's Charter roles as an investor, institution and steward, shape its investment stance, ethos and philosophy, to do well, do right and do good. Its investment philosophy is anchored around four key themes - Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages, Emerging Champions.
Temasek actively seeks sustainable solutions to address present and future challenges. Aiming to enable a better, smarter and more sustainable world, Temasek's investments are guided by six structural trends: longer lifespans, rising affluence, sustainable living, a more connected world, smarter systems, and a sharing economy.
Headquartered in Singapore, Temasek has 11 offices around the world: Beijing, Hanoi, Mumbai, Shanghai and Singapore in Asia; and London, New York, San Francisco, Washington D.C., Mexico City, and Sao Paulo outside Asia.
For more information on Temasek, please visitwww.temasek.com.sg
Media Contacts
Media queries relating to Sunseap Group should be directed to:
Sunseap Group Pte Ltd
Sebastian Wang
Tel: +65 6816 1000
Email: corpcomms@sunseap.com
Catherine Ong Associates
Ashley Silitonga
Tel: +65 6221 3321
Email: ashley@catherineong.com
Media queries relating to ABC World Asia should be directed to:
Weber Shandwick
Tabea Wanninger
Tel: +65 6825 8024
Email: TWanninger@webershandwick.com