SG’s solar energy firm SUN Energy raises US$25 million in its Series A funding round

Singapore-headquartered solar energy developer SUN Energy has recently raised US$25 million in its Series A funding round led by Indonesia’s TBS Energy Utama, through its subsidiary PT Toba Bora Energi, and the holding company of mining contractor BUMA, PT Delta Dunia Markmur.

The fresh funding has given a boost to the firm’s plan to build a 2 GW portfolio of solar PV assets across Asia-Pacific by 2025.

SUN Energy chief executive officer Philip Lee said the funding will enable the company to develop more solar PV projects and cement its market position in Indonesia and bolster further growth in the Asia-Pacific region. “The potential for solar energy in Indonesia is prolific and we are excited for our Series A partners to join us on this transformational journey,” he said.

“We will continue to alter the renewable energy landscape in the region with ground-breaking projects and technology innovations,” he added.

Diving Deeper

This funding round follows Surya Utama Nuansa Energy’s (SUN Energy) recent acquisition of the 100 MW Merredin Solar Farm in Western Australia’s Central Wheatbelt region from Risen Energy, a China-based project developer. This deal is the largest in Western Australia in this segment and marks SUN Energy’s first foray into the Australian market.

Founded in 2016, SUN Energy has emerged as one of the most prominent solar PV developers in the country with a strong focus on the industry and commercial sector. SUN Energy claims to have a portfolio of 40 completed projects and 80 MW under contract.

According to the company, it has recently secured 50 MWp of solar projects in strategic markets including Thailand, Taiwan, Vietnam, and is now actively pursuing expansion in the other parts of the region “through a combination of new project development and selective acquisitions.”

Pandu Sjahrir, TBS Vice President said the investment is part of the company’s growing focus on developing clean and renewable energy as it looks to achieve its net-zero emission target 2030.

“As part of our commitment to developing clean and renewable energy solutions to empower a sustainable future, solar panel business is one of development focus as well as strategy to reduce our carbon footprint,” Pandu said. “With the capacity of SUN Energy, we believe that our collaboration with SUN Energy will help us to achieve the net-zero emission by 2030 target.”