Singapore-headquartered Surya Utama Nuansa (SUN) Energy announced on Monday it had raised US$25 million (AU$34.46 million) in Series A funding as it pushes ahead with plans to build a 2 GW portfolio of solar PV assets across the 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.”
The financing round follows SUN Energy’s recent acquisition of the 100 MW Merredin Solar Farm in Western Australia’s (WA) Central Wheatbelt region from China-based project developer Risen Energy. The purchase of the solar farm, the largest in WA, marked the company’s first foray into the Australian market.
Established in 2016, SUN Energy has emerged as one of Indonesia’s most prominent solar PV developers with a strong focus on the commercial and industrial sector. The company said it has a portfolio of 40 completed projects and 80 MW under contract.
SUN Energy said it had already secured 50 MWp of solar projects in key markets including Taiwan, Thailand and Vietnam and is now actively pursuing regional expansion “through a combination of new project development and selective acquisitions”.
The funding round was led by Indonesian coal miner TBS Energy Utama (TBS), through its subsidiary PT Toba Bara Energi, and PT Delta Dunia Makmur, the holding company of mining contractor BUMA.
TBS vice president Pandu Sjahrir 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 by 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.”
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