Singapore-based developer Sunseap Group has acquired a minority stake in Australian commercial and industrial (C&I) solar EPC company Todae Solar.
Operating over 15 years, Todae Solar has installed solar power in thousands of locations across Australia including over 75MW of capacity for various businesses in the country. The strategic partnership with Sunseap will provide further growth opportunities for both companies to deliver larger and more complex projects in Australia. Details of the minority stake were not disclosed.
Sunseap will be able to leverage on Todae Solar’s expertise in solar EPC and construction management while Todae Solar will tap Sunseap’s expertise and track record in providing power purchase agreement solutions, project financing and operations and maintenance.
Lawrence Wu, co-founder and president of Sunseap Group, said: “This is Sunseap’s first investment in Australia’s commercial solar market and we are excited to enter into this partnership with Todae Solar, a leading player in the industry. “We believe that this is a timely move as the outlook for solar photovoltaics in Australia is bullish and the market is growing fast. Through this partnership, we will be able to tap Todae Solar’s extensive network of commercial clients to build a solar portfolio in the country.”
Danin Kahn, CEO of Todae Solar, said: “We are delighted to work with Sunseap, a leading solar energy company in the Asia Pacific Region. This collaboration will create synergies for both companies and improve the robustness of our businesses. We will use this opportunity to further enhance our position as Australia’s leading commercial installer as we build and strengthen our brand, and accelerate our growth. This partnership will also help expand our reach in Australia through Sunseap’s Asian clients operating in Australia.”
Sunseap has a pipeline of projects in Cambodia, India, Thailand, Vietnam and Malaysia, including a 168MW solar farm in Vietnam. In Singapore, it is the largest owner of solar rooftop systems, with more than 163MW of contracted capacity.