Singapore: Renewable energy firm Sunseap raises $6.7m Series C funding

Singapore: Renewable energy firm Sunseap raises $6.7m Series C funding

Singapore-based renewable energy firm Sunseap Group Pte Ltd has raised $6.7
million in its Series C round of investment led by, a building maintenance
and estate upgrading firm.

According to an official statement, ISOTeam subscribed to $5 million worth
of preference shares, which valued Sunseap at over $200 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 including 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 $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.

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Link to Original Article:
http://www.dealstreetasia.com/stories/renewable-energy-sunseap-series-c-7167
9-71679/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com