Sunseap to expand in Japan with new investors in latest Series E funding

April 28, 2021

Sunseap Group is set to expand its business in Japan on the back of investments from three Japanese corporations in its latest Series E funding round.

The new investors are Sumitomo Corporation, Shikoku Electric Power Company, and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The proceeds will be used by Sunseap to invest in projects in Japan at a time when the country has pledged to achieve carbon neutrality by 2050.

This the first time that these Japanese corporations are investing in Sunseap. The partnership will pave the way for Sunseap to introduce a slate of clean technology and business solutions to the Japanese market.

Sumitomo Corporation, founded in 1919, is a leading Fortune 500 global trading and business investment company. Its business spans a range of industries including metal products, transportation and construction systems, infrastructure, media and digital, consumer lifestyle, real estate, mineral resources, energy and chemical and electronics.

Shikoku Electric is a major regional power company founded in 1951 that generates, transmits and distributes electricity throughout Shikoku Area in Japan. Shikoku Electric holds 2.7 million customer accounts in its business. Since Japan's partial deregulation of the electric retail power sector in 2000, Shikoku Electric has focused on strengthening its core operations and branching out into new business areas.

SMFL is a joint venture between Sumitomo Mitsui Financial Group, Inc. and Sumitomo Corporation. SMFL is primarily engaged in financial services relating to leasing to various industries by leveraging its strong financial base. Through its strategic subsidiary, SMFL MIRAI Partners, SMFL invests mainly in energy and environment, real estate businesses.

Mr. Lawrence Wu, Co-founder and President of Sunseap Group said: "We are delighted to have Sumitomo Corporation, Shikoku Electric and SMFL, invest into Sunseap. These investments will certainly strengthen Sunseap's capacity to expand its business in Singapore and in the region."

Mr. Wu added that this newly forged relationship will enable Sunseap to expand its existing efforts in Japan and looks forward to working with Sumitomo Corporation, Shikoku Electric and SMFL.

Mr Yasushi Yoshida, Project Manager, Team Power Frontier of Sumitomo Corporation said: "As a developer of large-scale renewable energy projects globally, we are excited to join Sunseap and expand our activities in the new field of power sector including distributed energy resources business. This would be a great step for us to achieve the position of Clean Energy Solutions Provider and contribute to the carbon neutrality goal."

Mr. Moera Ono, General Manager of Shikoku Electric Power, said: "We will see more distributed energy resources than ever before. As a leading company in the distributed energy realm, Sunseap will bring the whole new dynamics to our business inside and outside of Japan. We look forward to working with Sunseap and to see how the world will evolve."

Mr Toyoki Fukuhara, Executive Officer of SMFL, said: "SMFL has a track record of developing power solar business in Japan through its strategic subsidiary, SMFL MIRAI Partners. Based on this experience, we would like to contribute to expansion of Sunseap's business in Japan, the Southeast Asian and Pacific regions."

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. 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 Southeast Asian and Pacific regions. These include solar farms in Vietnam with more than 168 MWp, and solar projects in Cambodia, China, Taiwan, Japan, Thailand and Malaysia. Sunseap Energy provides renewable energy solutions utilising off-site arrangements by drawing on solar systems within the Group's portfolio of distributed generation assets. 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.

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