Sunseap Secures Equity Investment From Dubai’s Dutco Group In Series E Funding
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. 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.” 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.
Malaysia’s Energy Commission Shortlists 823MW Of PV Projects Under Its 1 GW Solar Tender
Malaysia’s Energy Commission has recently announced the bidders who have been shortlisted in the fourth round of its Large Scale Solar (LSS) procurement scheme. The tender was under-subscribed. However, the Energy Commission has pre-selected a total of 823.06 MW of projects across two different project categories. The first category comprises 20 projects with a capacity of 10 to 30 MW. Here, the assigned capacity has reached 323.06 MW and the submitted prices range from MYR 0.1850/kWh ($0.049) to MYR 0.2481/kWh. The second category comprises 10 projects with a capacity of 30 to 50 MW. Here, the allocated capacity is 500 MW and the bids range from MYR 0.1768/kWh ($0.0429) to MYR 0.1970/kWh. The shortlisted PV developers have to get their plants connected to the grid by the end of 2023.
Cambodia’s Three Solar Power Stations Ready To Connect To Grid
Victor Jona, the director-general of energy at the Ministry of Mines and Energy said that the construction of three solar-generated power stations has been completed, while another project’s construction has fallen behind schedule. No reason was cited in regards to the failure of the fourth station to meet its scheduled completion. The one behind schedule is the 20-megawatt solar (mW) construction project in Svay Rieng province. It is owned by Green Sustainable Ventures Co Ltd. The three projects are ready to begin generation. These include the 30mW plant in Banteay Meanchey province invested in by Ray Power Supply Co Ltd, the 60mW solar farm in Battambang province owned by Risen Energy Co Ltd and the 60mW solar station in Pursat province, owned by Schneitec Renewable Co Ltd.
Singapore’s Sunseap Completes One Of World’s Largest Offshore Floating Solar Farms In Johor Straits
Sunseap Group, Singapore’s leading solar energy provider, announced that it has completed the installation of one of the world’s largest floating solar farms on sea water in the Straits of Johor. Sunseap said the floating solar farm at Woodlands took close to a year to set up amid movement restrictions during the Covid-19 lockdown. It involved a total of 13,312 panels, 40 inverters and more than 30,000 floats. The installation is expected to produce an estimated 6,022,500 kilo-watt hours (kWh) of energy per year, potentially offsetting an estimated 4,258 tons of carbon dioxide, bringing Singapore closer to decarbonisation. The solar farm is equipped with electrical panels, control system and a 22kV transformer. It is also a landing point for the subsea cable that transmits the generated power to the national grid. The floating PV system is designed with a robust constant tension mooring system that is able to withstand changing weather conditions, keeping the platform and all of the operational equipment on board steady. There is also an air-conditioned second deck that doubles-up as a visitor centre and viewing gallery.
$300 Million From Green Climate Fund To Support ADB’s First Green Recovery Program In Southeast Asia
The Green Climate Fund (GCF) has allocated $300 million to support the Asian Development Bank’s (ADB) efforts to help Southeast Asia shape a climate-resilient, environmentally sustainable economic recovery from the coronavirus disease (COVID-19) pandemic. The Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) Green Recovery Program aims to leverage GCF and ADB funds to catalyze financing from development partners and private capital sources to support more than $4 billion worth of green infrastructure projects across the region. The program aims to help Southeast Asian countries bridge a major gap in financing green infrastructure, with the region’s annual investment needs estimated to be $210 billion even before the COVID-19 pandemic hit. The gap is likely to have widened during the pandemic, as the region’s economy contracted by 4.4% in 2020, according to ADB.
IESR: Indonesia Can Achieve Carbon Neutrality Before 2060
In an effort to fulfil the mandate of the Paris Agreement, the Government Indonesia through the Ministry of Environment and Forestry (KLHK) as the national focal point for the UNFCCC, announcing a Long-Term Strategy for Reducing Carbon Emissions and Climate Resilience 2050 (Long-term Strategy on Low Carbon and Climate Resilience (LTS-LCCR) 2050. Several things listed in the LTS-LCCR 2050 document:
- The achievement of Indonesia’s first NDC is targeted in 2030, then Indonesia will achieve net-zero emission by 2070;
- In mitigation efforts, the LCCP scenario (low carbon scenario compatible with Paris Agreement target) indicates an ambitious target to be implemented in the AFOLU sector (agriculture, forestry and land use), energy, industrial processes and uses products (IPPU), as well as waste;
- On a low carbon and climate-resilient policy direction, it is estimated Indonesia will reach the highest peak (peaking) in GHG emissions by 2030 in AFOLU and energy sectors before finally reaching net zero emissions by 2070.
- For the energy sector, a transition scenario and LCCP will be an option to be applied. In the more ambitious LCCP target, the primary energy mix will be 34% coal, gas 25%, oil 8%, renewables 33% in 2050.
- Additional renewables for generators of around 38 GW in 2035 and will be prioritized for Solar Power Generation due to the increasing investment costs low.