The investment will push Sunseap’s equity value up to S$300 million. It plans to use the funds to develop PV projects throughout Asia. “The two companies plan to leverage on each other’s networks and domain expertise to grow in the alternative energy market in Asia,” Sunseap said in an emailed statement.
Sunseap is already developing solar projects in Australia, India, Thailand, Malaysia, Vietnam and Cambodia. It claims it has signed roughly 350 MW of distributed-generation solar contracts throughout the region.
In early 2014, Sunseap secured $50 million in funding from Goldman Sachs. But over the past year, the company has aggressively sought even more funds from banks, while also courting a number of investors. In May, for example, the company secured $15 million of financing from United Overseas Bank. And in August, Shell Technology Ventures — a subsidiary of Royal Dutch Shell — announced plans to invest an unspecified amount of money in Sunseap.
Bangkok-listed Banpu has also aggressively moved beyond its core business into downstream PV project development this year. In late August, it started of a new subsidiary and announced plans to build 300 MW of PV capacity over the next five years. The new unit, Banpu Infinergy, will offer a range of solar-related services, including project design, system installation and O&M.
“The entry of integrated energy companies like Banpu into renewables underscores the momentum achieved by clean energy in recent years,” said Lawrence Wu, director of Sunseap.