Amazon’s Clean Energy Provider in Singapore Weighing IPO

Sunseap Group Pte, a Singapore renewable energy firm, is weighing an initial public offering in the city-state that could raise as much as S$600 million ($445 million), according to people with knowledge of the matter.

The company, which counts Inc., Apple Inc. and Microsoft Corp. as customers, is working with advisers on the planned first-time share sale, the people said. Sunseap aims to list as soon as the end of this year, said the people, who asked not to be identified as the information is private.

Deliberations are still ongoing and details such as size and timing could change, said the people. A representative for Sunseap declined to comment.

Any deal will help give a boost to the Singapore IPO market, which has only hosted one new listing this year, according to data compiled by Bloomberg. Aztech Global Ltd. raised about $224 million in an offering this month. Other listing candidates in the island republic in 2021 include Thai Beverage Pcl’s brewery unit and City Developments Ltd.’s U.K. asset REIT.

Sunseap, backed by Thai energy firm Banpu Pcl, is the largest clean energy solutions provider in Singapore, according its website. It has a portfolio of nearly two gigawatt-peak of pending and completed solar projects in the city state, Southeast Asia and the Pacific. Banpu bought a substantial stake in Sunseap in 2017 and raised its holding to about 49% last year. Sunseap also counts Temasek Holdings Pte and Dubai’s Dutco Group among its investors.

Sunseap in March signed a long-term agreement to supply 62 megawatts of solar energy for Amazon in the city state. In 2015, it partnered with Apple to power its Singaporean operations, while three years later the firm inked a deal with Microsoft to create a rooftop solar project.

©2021 Bloomberg L.P.

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