SG solar energy firm recharges with $25m series A fundraise

Sun Energy, a solar energy developer based in Singapore, has raised US$25 million in its series A round led by Indonesia’s TBS Energy Utama, which made the investment through its unit Toba Bara Energi.

Photo credit: Sun Energy

Delta Dunia Makmur, the holding company of Buma – one of Indonesia’s largest mining contractors – and a group of entrepreneurs in the country also participated in the round.

Sun Energy will use the fresh funds to strengthen its platform as well as develop projects and expand its capacity in Indonesia. The new investment will also help the firm bolster growth in the country, along with blue-chip partners that share a similar vision on energy transition.

Launched in 2016, Sun Energy provides a clean energy ecosystem with tailor-made integrated solar solutions for a broad range of customers. The company aims to achieve 2 GWP (Global Warming Potential) of operational capacity by 2025.

“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,” said Pandu Sjahrir, vice-president director of TBS. He added that the company aims to hit its net-zero emissions target by 2030.

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An influential VC investor in Indonesia, Sjahrir holds a stake in several tech unicorns. He’s a board member in super app Gojek and the Indonesia Stock Exchange. He is also the Indonesia chairman for internet giant Sea Group.

Sun Energy said it is expanding into key markets in Asia Pacific, such as Australia, Thailand, Vietnam, and Taiwan. This comes after the company recently announced the acquisition of Merredin, Western Australia’s biggest operating solar farm, from Risen Energy.