Shell Technology Ventures, the corporate venturing division of Shell, has invested in Sunseap to collaborate on solar projects in the Asia Pacific region, including Singapore.
Sunseap owns an electricity retailer license and has also secured utility scale solar projects in Singapore. The firm has over 160MW of distributed solar contracts.
Sunseap Group Corporate Development and Finance vice president Camillus Yang said: “As part of our collaboration, there are many capabilities and knowledge that we can cross leverage upon to deploy distributed solar generation projects in the Asian markets.
“Sunseap Group desires to shape a better low carbon future and hopes to collaborate with companies to catalyse the region’s energy transition towards de-carbonisation.”
Sunseap Group director Frank Phuan said: “Singapore is an important hub for a pan-regional solar development company. We at Sunseap recognise that companies such as our recent client, Apple have a vast network of assets and our distributed solar business model can help such companies to reduce their carbon footprint cost effectively.”
The Asian renewable markets are estimated to grow exponentially as governments in the region have set targets to increase their renewable energy mix and are committed to delivering their commitments to the Paris agreement.
The New Energy Outlook report of Bloomberg New Energy Finance stated that in the next 25 years, the Asia-Pacific region will see a huge growth in new power generation capacity, with installed capacity tripling and electricity generation doubling.
Sunseap is a major solar energy system developer, owner and operator in Singapore. The three key divisions of Sunseap include Sunseap Leasing, Sunseap International and Sunseap Energy.