Sunseap acquires minority stake in Todae Solar

Share

In the latest sign of the growing interest in Australia’s booming commercial and industrial (C&I) solar PV sector, Sunseap, one of the leading renewables developers in Southeast Asia, has bought a stake in Todae Solar, Sydney-based commercial rooftop solar specialists.

The strategic partnership is announced as a further growth opportunity for both companies to deliver larger and more complex projects in Australia.

While Sunseap will be able to leverage on Todae Solar’s expertise in solar EPC and construction management, Todae Solar will tap Sunseap’s expertise and track record in providing PPA solutions, project financing, operations and maintenance, the companies explain.

Todae Solar has been in the EPC business for 15 years. Its project portfolio includes over 75 MW of combined solar energy for various businesses in the country, including a 4.2 MW rooftop solar installation for New South Wales’ Charles Sturt University, one of the pioneers in deploying rooftop solar at Australian campuses

“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,” said Danin Kahn, CEO of Todae Solar, commenting on the acquisition deal.

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.

The deal is Sunseap’s first investment in Australia’s commercial solar market, which it says, comes at the right time.

“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,” said Lawrence Wu, Co-Founder and President of Sunseap Group.

As one of the largest players in the Southeast Asia region, Sunseap has a pipeline of projects in Cambodia, India, Thailand, Vietnam and Malaysia, including a 168 MW solar farm in Vietnam, the country’s largest, a 62 MW utility scale farm in the Philippines and a 10 MW solar farm in Cambodia.

In Singapore, the company claims to be the largest owner of solar rooftop systems, with more than 163 MWp of contracted capacity.

Sunseap is also active in the floating PV sector. It is currently building a 5 MW floating PV system in the Johor Strait situated between Singapore and Malaysia, which is touted as one of the world’s largest floating solar installations on seawater.

In 2017, oil giant Shell invested in Sunseap as part of a planned collaboration on solar projects in the Asia-Pacific region.