Sunseap receives US$10.7 million UOB funding for commercial solar in Singapore

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The funding will be diverted to install the world's largest solar system at a commercial Port, as well as a system at Panasonic. Source: Panasonic

Leading South East Asian renewable energy firm Sunseap has received US$10.7 million (SGD$15 million) from the United Overseas Bank (UOB) for commercial solar projects in Singapore.

The funds will be used for the development of a 9.5MWp PV system at the Jurong Port and will constitute the world’s largest solar system installed at a port, according to the developer. The funding will also be used to develop a 2.4MWp commercial solar system at Panasonic.

“We are delighted to have received the support of a forward-thinking organisation such as UOB, one that is known for their strong support of SMEs,” said Lawrence Wu, co-founder and director of Sunseap. “The loan demonstrates UOB’s confidence in the solar industry in general and Sunseap in particular. “We are optimistic of the prospects for renewable energy in Singapore and the region, and believe that more enterprises in Singapore will embark on green initiatives.”

Eric Tham, head of group commercial banking, UOB, added: “As a leading bank in Asia, UOB is committed to supporting investments, such as clean technology projects, that contribute to the sustainable development of economies and communities. We are pleased to be funding solar-powered initiatives that will help reduce the carbon footprint of companies in Singapore.”

To date, Sunseap has developed more than 160MW of solar in Singapore – both operational and under construction. The company has also developed a pipeline of solar in other South East Asian countries such as India, Thailand, Malaysia, and Vietnam. Most recently, Sunseap developed Cambodia’s first ever large-scale solar farm, with funding from the Asian Development Bank (ADB).

Read Next

February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 23, 2021
The development of Denmark’s grid will be driven by rising electricity demands from consumers rather than the growing renewables sector, a panel of key figures in the country’s green energy sector have suggested.
February 16, 2021
Integrated PV module manufacturer REC Group has said its CEO of six years, Steve O’Neil, is to leave the company at the end of this month.
February 15, 2021
Longroad Energy to acquire ~900MWdc of solar, with battery storage additions also to be considered.
February 15, 2021
Lightsource BP has added another 845MW to its solar development pipeline by acquiring a PV project portfolio from local developer Iberia Solar.
February 11, 2021
Oil and gas major Shell has said it will spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it attain net zero status by 2050.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021