KPMG has been chosen to provide advisory services to Urban Renewables regarding the fundraising efforts for its growing Solar Rooftop Commercial and Industrial (C&I) portfolio in Singapore, which has now exceeded 30MWp in capacity.
Urban Renewables, a Singapore-based company specializing in sustainable energy solutions for urban areas, intends to secure SGD100-125 million ($73-91 million) from both financial and strategic investors by the end of the fourth quarter in 2023.
These funds will be allocated to support the company’s existing and upcoming solar projects in Singapore.
Edgare Kerkwijk, the founder and managing director of Urban Renewables, explained, “Since the beginning of this year, we have seen increased interest from numerous investors, and we have engaged KPMG to streamline and oversee our fundraising efforts.” He also noted, “As more business owners seek to reduce their electricity costs, we have experienced a surge in requests for solar rooftop installations since the energy crisis began. Our current pipeline of potential projects has surpassed 110MWp and continues to grow.”
Urban Renewables collaborates closely with Nippon Steel BlueScope to offer its innovative Solar + Roof solution, primarily targeting older C&I buildings. These older structures often require upfront expenses for roof repairs, replacements, and maintenance before solar panels can be installed. However, most building owners are reluctant to cover these initial costs. To address this challenge, Urban Renewables covers these expenses and incorporates new roofs with warranties as part of its solution package.
Urban Renewables has set a goal to own and operate 100MW of solar PV rooftop installations by the end of 2025. It has recently expanded its operations into Malaysia and Vietnam through locally incorporated entities, aiming to offer its distinctive solar rooftop solutions to potential clients in these markets.