Sunseap foresees a brighter future for solar energy across the region
Sunseap Group is Singapore’s biggest and most sustainable renewable energy company with projects across the region
Country Business Reports interviews and articles by Discovery Reports www.discoveryreports.com
When solar energy engineer Frank Phuan and financial expert Lawrence Wu combined their complementary strengths, the partnership that became Sunseap Group revolutionised Singapore’s renewable energy market.
With a total contracted capacity of more than 180 megawatt-peak (MWp), the group Phuan and Wu founded and lead as directors has become Singapore’s biggest and most sustainable renewable energy company with projects across the region.
“We aim to provide affordable solar technology solutions throughout Asia-Pacific. We are confident that our systems can generate the power and revenue we promised,” Wu says.
Sunseap – which stands for Sun South East Asia Pacific – traces its origins to the domestic solar panel manufacturer and supplier managed by Phuan’s family in the 1980s. Shifting downstream, Sunseap provides solar energy to clients through zero-cost models such as solar power purchase agreements (PPAs) and energy retailing.
“We finance, design, execute, install and operate solar systems, and de-risk customers by eliminating upfront costs,” Phuan says. “Clients only pay for the clean and green energy our systems produce, and incur savings from day one.” For its energy retailing business, clients can purchase solar energy harnessed from other buildings where the group has installed systems.
Sunseap’s landmark projects in Singapore include production of more than 100MWp for the Housing & Development Board and powering 100 per cent of Apple’s Singapore operations with solar energy.
Sunseap addresses Singapore’s limited land space through its floating photovoltaic systems and offsite solar PPAs, which enable clients to utilise clean and green solar energy without a physical solar system. The group also devised a hybrid system that integrates solar power with diesel generation. It sees further revenue growth following implementation of Singapore’s carbon tax system by 2019, and plans to hold an initial public offering next year.
The group has activities and offices in Malaysia, Thailand, the Philippines, and won a tender last year to build Cambodia’s first 10MW solar farm. It plans to expand to Indonesia, Vietnam, Laos and Myanmar, targeting not only multinationals and state clients, but small- and medium-scale enterprises and end-users.