Singapore-based solar energy firm SUN Energy has closed its Series A funding round of $25 million, valuing the company at $200 million.

The funding round was led by leading conglomerates in Southeast Asia including Indonesia’s premier integrated energy company, TBS Energy Utama, through its subsidiary, PT Toba Bara Energi (TBAE), SUN Energy said in a statement.

PT Delta Dunia Makmur (DOID), the holding company of BUMA which is one of the largest mining contractors in Indonesia, and a group of prominent entrepreneurs in the region also participated in the round.

According to the statement, SUN Energy will utilize Series A proceeds to further develop projects in Indonesia, expand capacity in the region and strengthen the company’s platform which is at the forefront of Indonesia’s energy transition movement.

“The potential for solar energy in Indonesia is prolific and we are excited for our Series A partners to join us on this transformational journey. We will continue to alter the renewable energy landscape in the region with ground-breaking projects and technology innovations,” said Philip Lee, Chief Executive Officer of SUN Energy.

SUN Energy is a solar company in Indonesia with the vision to “electrify” the country with green energy for commercial and residential customers. In addition to clean power generation, SUN Energy has created a “renewable energy ecosystem” comprising technology-driven solutions for residential solar, electric vehicles, mobility, and Renewable Energy Certificates. Environmental, social, and governance (ESG) are at the core of SUN Energy’s DNA and the company has fostered several impact initiatives in Indonesia including green electrification for villages, schools, hospitals, and cold storage distribution in rural areas.

The company is also expanding into key regional markets such as Australia, Thailand, Vietnam, and Taiwan, having recently announced the acquisition of Western Australia’s largest operating solar farm (132 MWdc).

SUN Energy said that the funding round will enable SUN Energy to cement its leading market position in Indonesia and bolster growth in the region alongside blue-chip strategic partners that share a similar vision on energy transition.

SUN Energy will play a pivotal role in Indonesia’s 2060 Net Zero Emissions target committed at COP26, the world’s largest climate conference held in Glasgow earlier this month, it added.

Pandu Sjahrir, Vice President Director of TBS said that the investment is one of the company’s strategies to achieve the Net Zero Emission target by 2030, and the capacity owned by SUN Energy will help TBS achieve its target.

“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. With the capacity of SUN Energy, we believe that our collaboration with SUN Energy will help us to achieve the Net Zero Emission by 2030 target,” he said.

Since 2016, SUN Energy has become the leading solar energy developer for the commercial and industrial sectors in Indonesia with an operating presence in three countries. Since this year, SUN Energy has moved its headquarters to Singapore.

The company provides a clean energy ecosystem with tailor-made integrated solar solutions for a broad range of customers. SUN Energy’s vision is to actively provide innovative technologies to promote a sustainable future that is accessible to as many people as possible. Aiming to achieve 2 GWp of operational capacity by 2025, SUN Energy will continue to develop additional renewable energy projects in Indonesia and key regional markets. SUN Energy is headquartered in Singapore with over 60 employees across the region.

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