Sunseap Group, Singapore’s leading solar energy provider, said it has secured an equity investment from Dubai-based conglomerate, Dutco, in its Series E funding.
The proceeds will be deployed to Sunseap’s future solar projects in Singapore and the region.
Tracing its origins to 1947, Dutco is now a leading Dubai-based group operating in the sectors of construction, integrated modular technology solutions, manufacturing, real estate, oil and gas, freight and logistics and hospitality. It has developed into a leading conglomerate of business operations through a philosophy of long-term strategic investments, often with joint venture partners.
Welcoming its latest investor, Sunseap Co-Founder and CEO Frank Phuan said: “We are gratified to have a quality investor like Dutco having confidence in our business model and our ability to execute.
“The investment will help to take us to our next phase of growth where growing awareness of climate change, shifts in regulatory priorities and technological advances, have all combined to make renewable energy an attractive and viable option for all. Sunseap is well positioned to tap growth opportunities at home and abroad.”
Tariq Baker, Vice Chairman and Managing Director of Dutco Group, said: “With Dutco’s continued focus on diversifying its investments and operations across the energy infrastructure and across geographies, this timely investment in Sunseap Group further strengthens Dutco’s commitment to expanding its existing operations within the renewables sector. Sunseap Group’s prudent financial management, strong leadership team, solid track record in project development and plans for further geographic expansion have all contributed to our decision to make this investment”.
Dutco’s investment follows the recent announcement of a planned acquisition of a 39% stake in Sunseap’s five solar projects in Vietnam by TNB Renewables Sdn. Bhd., a wholly-owned subsidiary of Malaysia’s national electricity company Tenaga Nasional Berhad.
Sunseap is one of the largest and most established players in the solar energy industry in the region, with completed and pipeline projects in Singapore, Australia, Vietnam, China, Taiwan and Cambodia.