Singapore headquartered energy major Sunseap has raised an undisclosed amount from its latest Series E funding round, which it intends to spend on projects in Japan to help the country achieve its goal of carbon neutrality.

The financial backing is provided by three new investors, global trading and business investment company Sumitomo Corporation, regional power company Shikoku Electric Power Company, and financial services company Sumitomo Mitsui Finance and Leasing Company (SMFL). SMFL is a joint venture between Sumitomo Corp and Sumitomo Mitsui Financial Group Inc.

Lawrence Wu, Co-founder and president of Sunseap Group, said, "These investments will certainly strengthen Sunseap's capacity to expand its business in Singapore and in the region."

Sunseap is a solar energy system developer and has completed installations on more than 1500 buildings in the city-state, including public housing estates and commercial and industrial buildings. The group, which has contracted more than 400 MWp of contracted solar projects, develops, owns, and operates solar power systems through five business units, Sunseap Leasing, Sunseap International, Sunseap Energy, Sunseap Engineering, and Sunseap Solutions.

Sunseap is in talks for an initial public offering (IPO) on the Singapore Exchange (SGX). The firm is targeting to list its shares at the end of 2021 and is expected to raise up to SGD 600 million.

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