Sunseap partners China's Statecloud Energy in RMB300 million solar fund in Shandong province

Mr Yin Qingzhong, Vice Mayor of Jinan City (top left) & Mr Frank Phuan (top right), Co-founder and Chief Executive Officer of Sunseap, after signing the MOU between Jinan Municipal Government and Sunseap Group to explore further business opportunities in the capital city of Shandong Province. Witnessing the signing is Mr Wong Choo Sing, Global Markets Director, China, Enterprise Singapore.

June 28, 2021

Sunseap Group is partnering with Statecloud Energy Co. Ltd (中企国云能源科技有限公司) to invest in a RMB300 million fund for investment into solar energy projects in Jinan City and other provinces.

The five-year investment through a Qualified Foreign Limited Partnership (QFLP) will provide funding to build, own and operate distributed solar assets such as commercial rooftop solar systems, with a target of achieving over 200MW distributed solar assets, as well as build and eventually transfer utility scale renewable energy assets in Shandong province. It is the first such QFLP in Jinan City and the second in the Shandong province.

Mr Frank Phuan, Co-founder and Chief Executive Officer of Sunseap, said: "China is emerging as a world leader in investing and deploying renewable energy, and we are glad to be able to further our involvement in the China renewable energy market through this partnership with Statecloud Energy.

"We believe that the combination of Statecloud's local knowledge and contacts and Sunseap’s expertise and experience in providing solar energy solutions will help the fund tap opportunities."

Mr. Wong Choo Sin, Global Markets Director, China Group of Enterprise Singapore said, "Singapore and China are both stepping up efforts to promote green development to build a sustainable future. Sunseap’s collaboration with Statecloud will help to contribute to Shandong province’s push towards carbon neutrality."

Statecloud is an energy technology enterprise based in Beijing, whose investors include state-owned institutions such as China Huadian Corporation (中国华电), China Huaneng Group (中国华能) and China Three Gorges Corporation (中国三峡集团). Its areas of interest include smart energy, big data analytics for the energy sector, hydrogen energy and energy storage and energy financial services.

Sunseap's involvement in the China market goes back to December 2017, when it signed a Memorandum of Understanding to develop renewable energy and energy efficiency management solutions. In 2019, it set up a QFLP in Shanghai with Shanghai Guohe Capital and Seiyu Energy.

About Sunseap Group
Sunseap Group is a solar energy system developer, owner and operator in Singapore, with over 400 MegaWatt-peak (MWp) of solar energy projects contracted, of which more than 168 MWp have been completed on more than 1,500 buildings in Singapore, including public housing estates, as well as commercial and industrial buildings.

Sunseap Group also operates in various countries in Southeast Asia, including Vietnam, Cambodia, China, Taiwan, Japan, Thailand and Malaysia.

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