Sumitomo, 2 other firms invest in Singaporean solar power provider

06, May. 2021

Photo shows rooftop solar panels in Singapore set up by Sunseap Group Pte. Ltd., which has received funding from Sumitomo Corp., Shikoku Electric Power Co. and Sumitomo Mitsui Finance and Leasing Co. (Photo courtesy of Sunseap Group Pte. Ltd.)
Photo shows rooftop solar panels in Singapore set up by Sunseap Group Pte. Ltd., which has received funding from Sumitomo Corp., Shikoku Electric Power Co. and Sumitomo Mitsui Finance and Leasing Co. (Photo courtesy of Sunseap Group Pte. Ltd.)

SINGAPORE, NNA - Three Japanese companies, including major trading house Sumitomo Corp., have invested in Sunseap Group Pte. Ltd. to help the Singaporean solar power provider expand its clean energy drives in Japan and other Asia-Pacific countries.

The three, also including Shikoku Electric Power Co. and Sumitomo Mitsui Finance and Leasing Co., did not release their investment amounts, which represent Sunseap's latest fund-raising program called Series E.

Sunseap said its partnership with the three Japanese companies will pave the way for it to introduce a slate of clean technology and business solutions to the Japanese market.

Their investment in Sunseap comes as the Japanese government has set a target to achieve carbon neutrality by 2050.

It is the first time Sumitomo has invested in a renewable energy enterprise in Southeast Asia, according to the trading house.

Sunseap is engaged in a distributed solar power output business with net ownership capacity of about 220 megawatts in the city-state and other parts of the Asia-Pacific region, commanding the top market share in Southeast Asia, as well as virtual power plant and energy service enterprises.

It also retails clean energy utilizing surplus solar power, in addition to floating solar power output and electric vehicle charging businesses in Singapore and large-scale solar power projects in Vietnam and other Asian countries. (NNA/Kyodo)