Impact Fund is Set to Make First Exit As Part of Transaction that Values Sunseap at SGD1.1Bn
8 November 2021, Singapore – ABC World Asia (“ABC World”), the Singapore-based Asia-focused private equity impact fund, is set to make its first exit as part of a transaction between shareholders of portfolio company Sunseap Group (“Sunseap”) and leading global renewables energy producer EDP Renewables (“EDPR”). The strategic investment by EDPR values Sunseap at SGD1.1Bn. Upon completion, EDPR will become the largest shareholder in Sunseap, the largest solar energy system developer, owner, and operator in Singapore.
ABC World invested in Sunseap in its Series D round in 2020 to fund the expansion of its renewable energy assets in Singapore and the rest of Asia. Since then, Sunseap has increased its clean energy capacity by 115 MegaWatt-peak throughout Asia. This new capacity is expected to help avoid approximately 1.3 million metric tons of net carbon emissions over its lifetime.
Euronext-listed EDPR is a global leader in the renewables energy sector and the world’s fourth-largest wind energy producer. With on-shore, off-shore, and solar energy assets, EDPR has a presence in 17 markets across Asia, Europe, and America.
Incorporated in 2011, Sunseap Group is the leading clean energy solutions provider in Singapore with over 2,000 MegaWatt-peak of solar energy projects contracted across Asia and on more than 3,000 buildings in Singapore. These include public housing estates, as well as commercial and industrial buildings. Sunseap also operates in various territories in the Asia Pacific, including Vietnam, Cambodia, China, Taiwan, Japan, Thailand, and Malaysia.
Tan Shao Ming, Chief Investment Officer, ABC World, said, “We are pleased to have supported Sunseap in its mission to spearhead clean energy utilities and decarbonising solutions in a sustainable manner. Since our investment, Sunseap has scaled its capabilities and presence across Asia tremendously to further solidify its market-leading position. The rapid scaling despite the challenges posed by the COVID19 pandemic is a testament to the dedication and execution abilities of the Sunseap management team. The investment from EDPR further affirms our strong conviction of Sunseap’s potential when we first partnered with the company in its impact journey across Asia.”
Tan added, “Climate continues to be a key investment theme for us. With Asia’s energy needs projected to grow rapidly in the next few decades, the region will be a decisive factor in the global fight against climate change. We look forward to identifying and supporting more companies that will play significant roles in addressing climate change challenges for Asia.”
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About ABC World Asia
ABC World Asia is a Singapore-headquartered and Asia-focused private equity fund dedicated to impact investing. We invest in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.
We believe that investing with an impact lens demonstrates the positive power of private capital and can help to foster more innovative and resilient companies that deliver societal and environmental benefits. We are a disciplined investor with a rigorous and evidence-based impact assessment approach that aims to generate positive and measurable social or environmental outcomes, alongside a compelling risk-adjusted return for our investors.
Our investment themes are aligned with the ABC Framework for an Active Economy, a Beautiful Society, and a Clean Earth. The ABC Framework was established by Singapore investment company Temasek and builds on the ideals of the 17 Sustainable Development Goals set by the United Nations.
Our inaugural S$405 million fund includes investors such as Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, Sembcorp Industries, and Singapore Power.