Singapore-based renewable energy firm Sunseap Group Pte Ltd has raised S$6.7 million ($4.8 million) in its Series C round of investment led by ISOTeam Ltd, a building maintenance and estate upgrading firm.
According to an official statement, ISOTeam subscribed to S$5 million worth of preference shares, which valued Sunseap at over S$200 million ($143 million).
Sunseap’s current investors include US bank Goldman Sachs and Singapore-based investment holding company TRIREC, as well as high net worth individuals from the region. In 2015, the company had raised S$77 million ($55 million) in its Series B round of funding.
The latest round of funding will help the clean energy firm expand its existing operations in Singapore and the region, including Malaysia, India, Vietnam, Thailand and the Philippines.
Sunseap Group runs three business units — Sunseap Leasing, which specialises in rooftop solar solution, Sunseap Energy, the energy-retailing arm of the group, and Sunseap International, which runs the operations in regional and international territories.
The company plans to raise a total of S$75 million to fund its expansion plans.
“I am encouraged by the support from ISOTeam, a new strategic investor in our first phase of Series C fundraising. ISOTeam is a company which has a strong track record in the upgrading of public housing estates, including the installation of solar panels. They will, no doubt, add value to Sunseap’s business and we welcome their strategic inputs as we scale our business,” said Lawrence Wu, Co-Founder and Director of Sunseap, said.
Sunseap claims to be on track to deliver 200 megawatts of clean energy to its customers such as government agencies and companies, including small and medium enterprises (SMEs). Its clientele in Singapore includes Apple, Housing Development Board, Singapore American School, Jurong Port and ABB, among others. It also has a pipeline of overseas projects in Cambodia, India, Thailand, Vietnam, Malaysia and Australia.
The latest round of fundraising highlights the increasing interest among investors to fund solar power firms.
Increased funding for the local solar industry allows renewable energy companies like Sunseap to offer clean tech solutions to more consumers at competitive prices.