Singapore-based renewable energy firm Sunseap Group on Wednesday announced that it has acquired a minority stake in Todae Solar, one of Australia’s largest solar commercial and industrial engineering, procurement and construction (EPC) companies.
The deal will provide further growth opportunities for both companies to deliver larger and more complex projects in Australia, Sunseap said in a release. The financial terms of the deal were not disclosed.
Todae Solar has installed solar power in thousands of locations across Australia including over 75-megawatt of combined solar energy for various businesses in the country.
“This is Sunseap’s first investment in Australia’s commercial solar market and we are excited to enter into this partnership with Todae Solar, a leading player in the industry,” said Sunseap co-founder and president Lawrence Wu.
“We believe that this is a timely move as the outlook for solar photovoltaics in Australia is bullish and the market is growing fast. Through this partnership, we will be able to tap Todae Solar’s extensive network of commercial clients to build a solar portfolio in the country,” he added.
Sunseap is one of the largest solar energy companies in the region. It is working on projects in Cambodia, India, Thailand, Vietnam, Malaysia, and Australia. The group operates through three key units: Sunseap Leasing, Sunseap International and Sunseap Energy.
In February last year, Sunseap International signed an agreement with InfraCo Asia Development Pte Ltd (InfraCo Asia) to jointly develop a 168 MWp utility-scale solar power project in Vietnam.
Microsoft in March 2018 said that it will buy solar power from Sunseap in Singapore, marking the technology company’s first renewable energy deal in Asia.