Shell invests in Singapore solar firm Sunseap; eyes solar projects

Staff members work at the booth of Royal Dutch Shell at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai

SINGAPORE (Reuters) - Royal Dutch Shell has invested in Singapore-based solar firm Sunseap Group for an undisclosed sum as part of a planned collaboration on solar projects in the Asia-Pacific region, the companies said on Tuesday.

Shell declined to reveal the amount invested by Shell Technology Ventures, the company’s corporate venturing arm.

Privately held Sunseap Group has about 160 megawatts of distributed solar contracts in Singapore, holds an electricity retailer license and has secured utility scale solar projects in the region, the two companies said.

Sunseap said in May that it aimed to expand in Singapore and the region, and scale up its operations following the implementation of several solar energy projects in Singapore, Malaysia, India, Vietnam, Thailand and the Philippines.

It said then that it aimed to raise S$75 million ($55 million) for its expansion plans.

Reporting by Jessica Jaganathan; Editing by Richard Pullin