Royal Dutch Shell has invested in Singapore-based solar firm Sunseap Group for an undisclosed sum, according to a report by Reuters UK on August 1, 2017.
This is part of a planned collaboration on solar projects in the Asia-Pacific region, the companies said on Tuesday. Shell had declined to reveal the amount invested by Shell Technology Ventures, the company's corporate venturing arm.
The privately held Sunseap Group has about 160 megawatts of distributed solar contracts in Singapore. It also holds an electricity retailer license and has secured utility scale solar projects in the region.
Earlier in May, Sunseap spoke of its aim to expand in Singapore and the region. It went on to scale up its operations following the implementation of several solar energy projects in Singapore, Malaysia, India, Vietnam, Thailand and the Philippines.
The company said then that it aimed to raise S$75 million ($55 million) for its expansion plans.