Sunseap secure $50 Million funding
Sunseap Group Pte Ltd has secured a total of $50 million from ABC World Asia, an Asia-focused impact investing private equity fund, and Temasek, a global investment company headquartered in Singapore.
Sunseap’s President and Executive Director Mr Lawrence Wu said:”Sunseap was founded on the idea that we could provide attractive clean energy solutions to businesses and individuals on a commercially viable basis.
Through this investment from Temasek and ABC World Asia, we gain partners not only interested in our ability to grow as a company, but also our ability to bring climate change solutions to new markets and drive positive environmental impact.”
Sunseap’s CEO and Executive Director Mr Frank Phuan added: “As we embark on the next phase of growth, we look forward to partnering and supporting more businesses in their drive for a sustainable future, as well as developing more renewable energy solutions and pursuing energy efficiency projects, building Sunseap to be a distributed utility provider inSingapore and across the region.”
ABC World Asia is focused on five investment themes in which independent research has shown that impact is achievable and measurable in quantitative terms. “Renewable energy is a growing sector that presents a compelling opportunity to create meaningful positive outcomes,”said ABCWorld Asia’sFounder and Chief Executive Officer Mr David Heng.
“This investment addresses two of the five investment themes identified as areas of focus for ABC World Asia -Climate Solutions,and Smart and Liveable Cities.” he added.The transaction marks the first investment by ABCWorld Asia.
“Asia’s electricity and heat generation sector alone creates 25% of global CO² emissions. While climate change is expected to affect every region in the world, the consequences of global warming and negative effects of greenhouse gas emissions on people’s health are felt more severely in Asia,” said ABCWorld Asia’s Managing DirectorMr Tan Shao Ming.
“Through its integrated solutions and its presence across 12 markets in Asia Pacific, Sunseap is well positioned to play a transformative role in the energy sector, making it a natural fit for ABC World Asia.” Mr TanShao Mingwill also join Sunseap Group’s Board of Directors. Credit Suisse (Singapore) Limited and DBS Bank Ltd. acted as financial advisers to Sunseap for this transaction.