SunFunder expands into Southeast Asia with SunSource Energy deal
Updated: Apr 25, 2022
Our first transaction in Southeast Asia will support SunSource Energy’s growth across the region towards developing and operating solar projects for commercial and industrial (C&I) clients.
SunFunder is supporting SunSource Energy, a leading provider of solar based energy solutions to C&I customers, with an investment to enable its growth in Southeast Asia. While SunSource Energy is headquartered in India, the investment will be used to provide project financing for an industrial solar installation in Thailand, and is the starting point for a broader partnership as the company expands its footprint in other Asian countries.
SunSource Energy, a leading solar developer in which the Netherlands-based SHV Energy holds majority stake, has built a strong business model as a C&I developer and Power Purchase Agreement provider, with in-house capabilities in project development and finance, engineering, procurement and construction (EPC), and asset management across India and Southeast Asia.
“This deal represents a new milestone for SunFunder as we expand into Southeast Asia with SunSource Energy, a respected and ambitious developer. South and Southeast Asia are key markets with growing demand for solar within the industrial sector, to not only lower operating costs by switching to renewables, but also to green supply chains. We look forward to building a successful long-term relationship with SunSource Energy in the region.”
Marga Manzo, Investment Director, SunFunder
SunFunder has long planned a permanent presence in Asia, following several early loans in India. The partnership with SunSource Energy marks the first step in a larger move in the region, with Marga Manzo leading SunFunder’s new Asia office in Singapore.
“This transaction with SunFunder is a strong validation of the continued trust reposed in us by the investor community. We remain focused on our endeavour towards building high quality solar energy assets across the globe.”
Kushagra Nandan, Co-Founder and Managing Director, SunSource Energy
“We are delighted to enter into a partnership with SunFunder. Southeast Asia is a key market for SunSource Energy and this investment supports and helps expand our commitment to developing and building quality renewable energy solutions for C&I customers in the SEA region.”
Adarsh Das, Co-Founder and CEO, SunSource Energy
The transaction continues SunFunder’s expansion of financing to pioneer and scale clean energy and climate investments in emerging markets. To date, SunFunder has closed over $160m in clean energy investments and was recently awarded a UN Global Climate Action award under Financing for Climate Friendly Investment.
SunSource Energy is a leading provider of C&I solar solutions, with over 300 projects across 24 states in India and South-East Asia. SunSource Energy develops, builds, owns, and operates solar power projects for its customers and manages the entire development process, using proven renewable technologies and hybrid solutions including energy storage to provide innovative solutions to large C&I establishments in pharma, data centres, cement, and other process industries.
See also our Q&A with Marga Manzo and Nicole Kugelmass on expanding into new regions.