One of south-east Asia’s leading renewables developers, Sunseap Group has dipped its toe into Australia’s booming commercial solar market, with the acquisition of a small share in leading local installer, Todae Solar.
Todae – which in 2017 was Australia’s top installer of commercial solar PV and last year installed one of the nation’s biggest corporate systems for Primo Smallgoods – said on Wednesday that Sunseap had taken a minority stake in the Melbourne-based company, to form a “strategic partnership.”
Todae said the deal would provide “further growth opportunities” to deliver larger and more complex projects in Australia, and in particular it would tap Sunseap’s “expertise and track record” in power purchase agreement solutions, project financing, operations and maintenance.
In return, Sunseap – which while a giant of the Asian market, is new to the Australian commercial solar sector – would leverage Todae Solar’s expertise in solar EPC and construction management, a statement said.
“This is Sunseap’s first investment in Australia’s commercial solar market and we are excited to enter into this partnership with …a leading player in the industry,” said the company’s president and co-founder, Lawrence Wu.
“We believe that this is a timely move as the outlook for solar photovoltaics in Australia is bullish and the market is growing fast.
“Through this partnership, we will be able to tap Todae Solar’s extensive network of commercial clients to build a solar portfolio in the country.”
Danin Kahn, CEO of Todae Solar, said his company would use the opportunity to build and strengthen its brand, and accelerate growth.
“This partnership will also help expand our reach in Australia through Sunseap’s Asian clients operating in Australia,” he said.