Solar developer, Sunseap signed the MOU with Linyang Energy on December 8 in Singapore. By the end of 2018, they intend to install 100 MW of rooftop and floating PV; and 500 MW by 2020.
A total of $500 million will be invested in the partnership, according to Linyang Energy, which also targets the supply of at least 300 MW of its N-type bifacial solar modules; and cooperation on energy efficiency and virtual power station projects.
“We see much potential in leveraging our networks and domain expertise to deliver innovative clean energy solutions in a reliable and cost-effective manner to grow in the renewable energy market in Asia,” commented Frank Phuan, Co-Founder and Director, Sunseap Group.
Sunseap has made a number of financing announcements this year, thus underscoring its position in the Singaporean solar market. These include: $55.6 million by Banpu, Thailand’s biggest coal miner in September; an undisclosed investment amount by Shell in August; and a financing package to support a handful of PV installations by United Overseas Bank in May. Also in May, the company announced the successful close of a third financing round worth $5 million.