Singapore’s clean energy firm Sunseap raises $72m from Thailand’s Banpu Group

Photo by Mariana Proença on Unsplash

Singapore-based renewable energy solutions Sunseap Group on Friday announced it has raised S$100 million ($71.8 million) from Thailand’s listed energy company Banpu Group to support its regional expansion.

The latest financing forms the fourth tranche of the firm’s Series D round. In January, the company had secured S$50 million ($36.8 million) from Singapore’s state investor Temasek Holdings and Asia-focused impact investing private equity fund ABC World Asia.

The firm has now raised a total of S$203 million ($145.9 million) in Series D financing.

Banpu Group is an integrated energy solutions company and an existing Sunseap investor. Following its latest investment, the Thai firm has named its senior vice president for finance and strategy, Banchob Kitchpanich, to Sunseap’s board.

“[Banpu’s] commitment will help position us as the leader in smart city and sustainable clean energy solutions to a wider customer base and help fight climate change,” said Sunseap president and executive director Lawrence Wu.

Sunseap’s other investors include Shell Technology Ventures, the corporate venture capital arm of oil major Royal Dutch Shell. Last year, it secured around S$500 million in debt financing from lenders including DBS Bank, UOB, OCBC, ING, Bangkok Bank and Asian Development Bank (ADB).

The firm claims to be Singapore’s largest clean energy solutions provider with almost 300 MW-peak of contracted solar capacity, of which around 168 MWp has been completed on more than 1,500 buildings.

Last year, Sunseap won the tender for Singapore government’s SolarNova 4 project to install more than 70 MWp of solar panels on the rooftops of housing blocks and other government sites.

The firm has also commissioned a 168MWp solar project in Ninh Thuan province of Vietnam. It currently has a total and projected capacity of 1.7 GigaWatt-peak spanning projects that are in operation, under construction and in development in the Asia-Pacific region.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.