Singapore-based solar power services provider Sunseap secured S$100m ($72m) in series D4 funding from energy utility Banpu on Friday to bring its series D round to $146m.
Singaporean state-owned investment firm Temasek and private equity fund ABC World Asia supplied $36m for the round last month but Sunseap has not revealed who provided the remaining $22m. A spokesperson told Business Times the round totalled $146m so far but did not specify a target for its close.
Founded in 2011, Sunseap operates several subsidiaries focused on solar energy, including a solar leasing business, an off-site renewable energy supply arm, and an engineering, procurement and construction division for photovoltaic projects.
The company also offers services such as energy audits, lighting retrofitting and rooftop systems, and operates an international division that targets markets across Southeast Asia and the Asia-Pacific region
The funding will support Sunseap’s existing projects across Asia and drive further expansion across the continent. Banchob Kitchpanich, senior vice-president of finance and strategy for Banpu, has joined the company’s board of directors.
Sunseap had raised a total of approximately $222m as of a series C round sized at at least $60.8m that closed in September 2017, after Banpu took part in a $56m extension that added to an initial $4.8m tranche led by building maintenance company IsoTeam four months earlier.
Shell Technology Ventures, the corporate venturing subsidiary of oil and gas supplier Shell, injected an undisclosed amount in the company in August 2017 as part of a strategic partnership agreement but it is unclear whether that transaction formed part of the series C round.
Conglomerate Chow Tai Fook Enterprises contributed to Sunseap’s $19.5m series B round in 2015 alongside Trirec, Enspire Apus Investments and unnamed additional participants. It was secured alongside $36m in debt financing from DBS Bank and followed $39m from investment bank Goldman Sachs in 2014.
