Sunseap invests in Australia’s leading commercial solar company Todae Solar
Sunseap Group, Southeast Asia’s leading sustainable energy provider, has acquired a minority stake in Todae Solar, one of Australia’s largest solar commercial and industrial engineering, procurement and construction (EPC) companies*.
The strategic partnership will provide further growth opportunities for both companies to deliver larger and more complex projects in Australia. Sunseap will be able to leverage on Todae Solar’s expertise in solar EPC and construction management while Todae Solar will tap Sunseap’s expertise and track record in providing power purchase agreement solutions, project financing, operations and maintenance.
Mr Lawrence Wu, Co-Founder and President of Sunseap Group, said: “This is Sunseap’s first investment in Australia’s commercial solar market and we are excited to enter into this partnership with Todae Solar, a leading player in the industry.
“We believe that this is a timely move as the outlook for solar photovoltaics in Australia is bullish and the market is growing fast. Through this partnership, we will be able to tap Todae Solar’s extensive network of commercial clients to build a solar portfolio in the country.”
Mr Danin Kahn, CEO of Todae Solar, said: “We are delighted to work with Sunseap, a leading solar energy company in the Asia Pacific Region. This collaboration will create synergies for both companies and improve the robustness of our businesses.
“We will use this opportunity to further enhance our position as Australia’s leading commercial installer as we build and strengthen our brand, and accelerate our growth. This partnership will also help expand our reach in Australia through Sunseap’s Asian clients operating in Australia.”
Mr Kahn added that despite the synergies of working together, Sunseap’s investment will not affect business as usual operations including existing (or future) partners or suppliers.
Mr Claude Von Arx, Director of Sunseap’s Australian Operations, said: “We are incredibly excited about the opportunities this new partnership will bring for both firms, and importantly, to our regional customer base in 2019 and beyond. The strategic alignment, and the subsequent complimentary synergies throughout the teams, present a genuine opportunity to consolidate our respective positions in the marketplace.”
Sunseap is one of the largest and most established players in the solar energy industry in the region. It has a pipeline of projects in Cambodia, India, Thailand, Vietnam and Malaysia, including a 168-megawatt peak (MWp) solar farm in Vietnam, the largest in the country, a 62 MWp utility scale farm in the Philippines and a 10 MWp utility scale farm in Cambodia. In Singapore, it is the largest owner of solar rooftop systems, with more than 163 MWp of contracted capacity.
Todae Solar is the leading commercial and industrial EPC player with a 15-year track record of business continuity and project quality. It has installed solar power in thousands of locations across Australia including over 75-megawatt of combined solar energy for various businesses in the country.
About Sunseap Group
Sunseap Group is the leading solar energy system developer, owner and operator in Singapore. It operates through three key units: Sunseap Leasing, Sunseap International and Sunseap Energy. Sunseap Leasing is the first and largest solar leasing company in Singapore. Sunseap International targets markets in the South East Asian and Pacific regions. These include a 140 MegaWatt-peak (MWp) solar farm in India and a 10 MWp solar farm in Cambodia. Sunseap Energy provides clean energy solutions utilising off-site arrangements by drawing on solar systems within the Group’s portfolio of distributed generation assets. A notable client is Apple, which recently signed an agreement with Sunseap to procure 100% of its local energy requirements from renewable sources.