Sunseap expects to finish building a 5 MW rooftop solar array for ST Kinetics — a unit of ST Engineering that produces land systems and specialty vehicles — by October, according to an online statement. The two companies did not reveal the terms of the deal.
Although small in global terms, the 5 MW deal is significant in the context of Singapore’s tiny but rapidly growing PV market. Total installed solar capacity in the city-state hit roughly 126 MW at the end of 2016, from just 60 MW in December 2015, according to the International Renewable Energy Agency (IRENA).
In May 2016, Sunseap signed a strategic cooperation agreement with Chinese inverter supplier Huawei. Under the terms of the deal, the Singaporean company will buy at least 300 MW of inverters from Huawei over a three-year period, for use in its solar projects across Southeast Asia.
Earlier this month, Shell Technology Ventures — a unit of petroleum producer Royal Dutch Shell — revealed that it would invest an undisclosed sum in Sunseap. The investment came roughly three months after Sunseap finalized a $15 million financing deal with United Overseas Bank. The developer is using the funds to back the development of a 2.4 MW solar array at a facility owned by Panasonic, as well as a 9.5 MW PV installation at the port of Jurong.
The Sunseap Group includes three subsidiaries. PV-focused Sunseap Leasing handles PPAs for rooftop solar arrays, while Sunseap Energy sells electricity generated by the group’s PV projects.
Meanwhile, the group’s third main unit — PV developer Sunseap International — is increasingly working on solar projects outside of Singapore. In April, it secured $9.2 million of funding from the Asian Development Bank to support the development of the first utility-scale solar project in Cambodia. The 10 MW plant is being built in Svay Rieng province, on the border with Vietnam. Construction will be completed at some point this month.
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