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.