Sunseap nails $15 million loan from UOB
The projects include a 9.5 MW array at the port of Jurong, which Sunseap claims will be the biggest such installation at a port in the world. The funds from UOB will also be used to support the development of a 2.4 MW project at a facility owned by Japanese electronics group Panasonic.
“The loan demonstrates UOB’s confidence in the solar industry,” said Lawrence Wu, director of Sunseap. “We are optimistic as to the prospects for renewable energy in Singapore and the region and believe that more enterprises in Singapore will embark on green initiatives.”
Sunseap has worked on more than 160 MW of solar capacity in Singapore, some of which has already been installed. Its clients in the city-state include Apple, ABB and the Singapore Housing Development Board.
The group is also working on PV projects in India, Australia, Thailand, Malaysia and Vietnam, although it did not reveal specific capacity figures. It is also on track to develop the first utility-scale PV array in Cambodia, backed by $9.2 million in funding from the Asian Development Bank. It aims to complete the 10 MW project in Svay Rieng province in August.
Earlier this month, it announced a strategic cooperation agreement with Chinese inverter manufacturer and O&M system supplier Huawei. Under the terms of the deal, Huawei will provide at least 300 MW of inverters to Sunseap over a three-year period for projects throughout Southeast Asia.
The Sunseap group includes Sunseap Leasing, which provides PPAs for rooftop projects. In December 2015, it won a contract to build 76 MW of solar capacity under the Singapore Economic Development Board’s first SolarNova tender. Sunseap Leasing expects to finish the last of those projects by the end of this year.