Signifying a major leap towards clean energy availability in Singapore, Sunseap Leasing said it has completed a financing transaction with Goldman Sachs on January 28, 2014 to collaborate funding of more than 30MW in solar leasing projects in the country.
The solar company said that this collaboration with the financial powerhouse will create the funding platform for many more megawatts in the pipeline above the initial target of 30 MW for corporations, businesses and residential projects.
Sunseap Leasing is Singapore's largest solar leasing company. Sunseap manages the entire process for clients from design, procurement and installation to long term monitoring, and repairs and replacement, if required. Prior to the partnership with Goldman Sachs, Sunseap's solar leasing offer has already enabled almost 17MW of contracted capacity, which have been deployed or are in the course of being deployed. Current clients include HDB/Town Council, Singapore American School, Raffles Institution, Eagle Services Asia and Pratt & Whitney, ABB, Cambridge Industrial Trust and Jurong Health Services.
According to the company sources, the funding with Goldman Sachs will further enable Sunseap to mass-deploy renewable power in Singapore at an accelerated pace based on its pipeline of projects, in conjunction with the Intermittent Generation Threshold being raised from 350MW to 600MW.
"Singapore has become the leading clean energy hub for the Asia-Pacific region which is now the largest market for solar energy. Companies can leverage Singapore's strengths in technology, ability to attract international talent, as well as sophisticated financial market to grow their regional business and develop novel business models such as solar leasing," said Goh Chee Kiong, Executive Director of Cleantech at the Singapore Economic Development Board. "We are pleased that Sunseap's partnership with Goldman Sachs will increase the vibrancy of the clean energy industry ecosystem and also catalyse new business models to accelerate solar adoption in Singapore."
Making a green statement
The company said in a statement that the funding makes it possible for businesses and government organisations alike to enjoy clean power at a discount to their current utility rates without paying for the upfront installation costs of solar systems.
"We are very positive about the opportunity in distributed solar, and more so in Asia where clean and lower cost energy is needed the most," said Alex Turnbull, Executive Director, at Goldman Sachs who led the funding team. "Sunseap's offering has the potential to lower energy costs, create jobs and reduce carbon emissions all at the same time."
"The collaboration with Goldman demonstrates the long term viability of distributed solar generation which is ground breaking for the Company as well as representative of a key milestone of attracting international capital for the Singapore solar industry," said Lawrence Wu, Sunseap's Co-Founder and Director. "We are thrilled to be able to roll out our pipeline projects and encourage more business and organisations to join our cause to go green and yet be economically better off at the same time."