January 29, 2020

Sunseap receives S$50 million funding from ABC World Asia and Temasek

January 29th, 2020, Singapore – Sunseap Group Pte Ltd (Sunseap), Singapore’s leading renewable energy solutions provider, has secured a total of S$50 million from ABC World Asia, an Asia-focused impact investing private equity fund, and Temasek, a global investment company headquartered in Singapore.

The investment will be used for solar projects in Singapore and other parts of Asia.

With solar systems installed on the rooftops of more than 1,500 public housing HDB blocks in Singapore, Sunseap currently produces enough clean energy to power approximately 42,000 four-room HDB households annually. It allows residential customers to reduce their carbon footprints by switching to certified green energy through the liberalised electricity retail market. It also recently won the tender for SolarNova 4, which will see solar panels installed across buildings in Singapore, including 1,218 HDB blocks and 49 government sites and expected to generate more than 70 MegaWatt-peak (MWp) of solar energy, increasing Sunseap’s generation capabilities in Singapore.

Through its offsite clean energy supply contracts, the renewable energy solutions provider also plays a critical role in enabling companies like global tech giants Apple and Microsoft meet their zero-carbon targets. In 2019, Sunseap reached a new milestone by commissioning one of the largest solar farms in Vietnam. Across the region, it has a total operating, under-construction and developmental asset project capacity of 1.7 GigaWatt-peak including a strong pipeline of projects in China, Taiwan, Japan and other parts of Southeast Asia.

Sunseap’s President and Executive Director Mr Lawrence Wu said: “Sunseap was founded on the idea that we could provide attractive clean energy solutions to businesses and individuals on a commercially viable basis. Through this investment from Temasek and ABC World Asia, we gain partners not only interested in our ability to grow as a company, but also our ability to bring climate change solutions to new markets and drive positive environmental impact.”

Sunseap’s CEO and Executive Director Mr Frank Phuan added: “As we embark on the next phase of growth, we look forward to partnering and supporting more businesses in their drive for a sustainable future, as well as developing more renewable energy solutions and pursuing energy efficiency projects, building Sunseap to be a distributed utility provider in Singapore and across the region.”

ABC World Asia is focused on five investment themes in which independent research has shown that impact is achievable and measurable in quantitative terms. “Renewable energy is a growing sector that presents a compelling opportunity to create meaningful positive outcomes,” said ABC World Asia’s Founder and Chief Executive Officer Mr David Heng. “This investment addresses two of the five investment themes identified as areas of focus for ABC World Asia – Climate Solutions, and Smart and Liveable Cities.” he added. The transaction marks the first investment by ABC World Asia.

“Asia’s electricity and heat generation sector alone creates 25% of global CO² emissions. While climate change is expected to affect every region in the world, the consequences of global warming and negative effects of greenhouse gas emissions on people’s health are felt more severely in Asia,” said ABC World Asia’s Managing Director Mr Tan Shao Ming. “Through its integrated solutions and its presence across 12 markets in Asia Pacific, Sunseap is well positioned to play a transformative role in the energy sector, making it a natural fit for ABC World Asia.” Mr Tan Shao Ming will also join Sunseap Group’s Board of Directors.

Credit Suisse (Singapore) Limited and DBS Bank Ltd. acted as financial advisers to Sunseap for this transaction.

END

About Sunseap Group
Sunseap Group is the leading solar energy system developer, owner and operator in Singapore. It operates through five key units: Sunseap Leasing, Sunseap International, Sunseap Energy, Sunseap Engineering and Sunseap Solutions. Sunseap Leasing is the first and largest solar leasing company in Singapore. Sunseap International targets markets in the South East Asian and Pacific regions. These include a 168 MegaWatt-peak (MWp) solar farm in Vietnam, a 140 MWp solar farm in India, and a 10 MWp solar farm in Cambodia. Sunseap Energy provides renewable energy solutions utilising off-site arrangements by drawing on solar systems within the Group’s portfolio of distributed generation assets. A notable client of Sunseap Energy is Apple, which signed an agreement with Sunseap to procure 100% of its local energy requirements from renewable sources. Sunseap Energy is also providing Microsoft 100% of the renewable energy produced from 60 MW of rooftop solar projects in Singapore. Sunseap Engineering provides engineering, procurement and construction as well as operation and maintenance services for PV projects. Sunseap Solutions focuses on energy efficiency solutions by providing services such as energy audits, lighting retrofitting and green roof systems.

About ABC World Asia
Headquartered in Singapore, ABC World Asia is a private equity fund dedicated to impact investing. Impact investing encompasses the intention to generate positive, measurable social or environmental impact, alongside a compelling risk-adjusted return.

The fund’s investment strategy aligns with Temasek’s ABC Framework for an Active Economy, a Beautiful Society and a Clean Earth, building on the ideals of the 17 UN Sustainable Development Goals.

ABC World Asia will focus on themes including – financial and digital inclusion; better health and education; climate and water solutions; sustainable food and agriculture; and smart and liveable cities.

For more information, please visit www.abcworld.com.sg

About Temasek
Temasek is an investment company with a net portfolio value of S$313 billion as at 31 March 2019. Temasek’s Charter roles as an investor, institution and steward, shape its investment stance, ethos and philosophy, to do well, do right and do good. Its investment philosophy is anchored around four key themes – Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages, Emerging Champions.

Temasek actively seeks sustainable solutions to address present and future challenges. Aiming to enable a better, smarter and more sustainable world, Temasek’s investments are guided by six structural trends: longer lifespans, rising affluence, sustainable living, a more connected world, smarter systems, and a sharing economy.

Headquartered in Singapore, Temasek has 11 offices around the world: Beijing, Hanoi, Mumbai, Shanghai and Singapore in Asia; and London, New York, San Francisco, Washington D.C., Mexico City, and Sao Paulo outside Asia.

For more information on Temasek, please visit www.temasek.com.sg

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Yeo Zuo Yi

Director
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Ryan Liew Bing En

Director
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Aditya Misra

Director
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Silky Raheja

Director
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Tan Ming Xian

Vice President
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Yap Xue Qi

Vice President
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Jason Xu

Vice President
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Ngan Ye Ring

Vice President
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Hiew Wen Ji

Assistant VP
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Tran Khanh Linh

Assistant VP
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Rachel Fong

Assistant VP
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Jirada Jongjakapun

Assistant VP
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Lim Shang Yi

Associate
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Boey Kai Jie

Analyst
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Liew Bing En

Analyst
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Chin Keen Tat

Analyst
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Goh Yew Lin

Goh Yew Lin

Chairman and Non-Executive Director

Mr Goh Yew Lin is Chief Executive Officer of G. K. Goh Holdings Pte Ltd, an investment company with substantial assets in aged care in Australia and Singapore, alongside venture capital and private equity. He is Chairman of Xora Innovation, a Temasek-owned venture builder, and a Director of Temasek Trust. He was Chairman of Seviora Holdings, Temasek’s asset management arm, until September 2025, and served as a non-executive Director of Temasek Holdings from 2005 to 2018.

Mr Goh is also a board member of A*STAR (the Agency for Science, Technology and Research) and Chairman of the Governing Board of Duke-NUS Medical School. He holds a degree from the Wharton School, University of Pennsylvania.

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David Heng

David Heng

Chief Executive Officer and Executive Director

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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Desmond Kuek

Desmond Kuek

Non-Executive Director

Mr Desmond Kuek is Executive Director and Chief Executive Officer of Temasek Trust, the philanthropic arm of Temasek, a role he has held since January 2023. He was previously Divisional Vice Chairman, Global Wealth Management at UBS AG (2019 to 2022), where he headed Sustainable Finance for Asia Pacific, and President and Group CEO of SMRT Corporation (2012 to 2018). Earlier in his career he served nearly three decades in the Singapore public service and Singapore Armed Forces, including as Permanent Secretary of the Ministry of the Environment and Water Resources, Chief of Defence Force, and Chief of Army.

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Chan Wai Ching

Chan Wai Ching

Non-Executive Director

Ms Chan Wai Ching is Chief Corporate Officer of Temasek International and a member of its Strategy, Portfolio and Risk Committee and Senior Management Committee. She heads Temasek’s Organisation & People function and is a Director of Temasek Trust. She joined the board of Seviora Holdings, Temasek’s asset management group, in September 2025. Ms Chan joined Temasek in June 2006, following an extensive human resources career at Fullerton Financial Holdings, Citibank, Singapore Technologies, United Overseas Bank and Overseas Union Bank. She holds a Bachelor of Business Administration from the National University of Singapore and completed the Advanced Management Programme at Harvard Business School in 2012.

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Margaret Lui

Margaret Lui

Non-Executive Director

Ms Margaret Lui is an experienced investment professional in direct investments, asset management and private equity. She was Chief Executive Officer of Azalea Investment Management, a wholly owned subsidiary of Temasek, from its founding in 2015 until her retirement on 31 March 2025; under her leadership, Azalea grew to manage around US$11 billion in assets and developed its two flagship platforms, the Astrea Private Equity Bonds and the Altrium PE Funds. She remains an Adviser to Azalea and sits on the Investment Committees of its Altrium funds.

Ms Lui spent 40 years with the Temasek group from 1985, including as Senior Managing Director and, prior to Azalea, as Chief Operating Officer of two of Temasek’s affiliate investment management companies. She also serves on the Board of Trustees of the Singapore Institute of Technology, as an independent non-executive director of Lendlease, as Chair of PSA International’s Marine Services Supervisory Committee, and as a member of the Singapore Exchange’s Listing Advisory Committee.

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David Heng

David Heng

Chief Executive Officer

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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Tan Shao Ming

Tan Shao Ming

Chief Investment Officer

Mr Tan Shao Ming leads a diverse team of impact-oriented investment professionals in building a portfolio that generates impact alongside compelling, market-rate risk-adjusted returns across Asia.

He brings over 20 years of institutional investing experience across a range of styles and strategies. At Temasek, he worked on acquiring controlling and minority positions in Asian banks in the aftermath of the 1997 Asian financial crisis. He later focused on special situations and structured credit at Citadel Investment Group in Hong Kong, covering China, Taiwan and Southeast Asia, and led Southeast Asian mid-market investing at Citi Private Equity.

Mr Tan is a Chartered Financial Analyst. He holds a Bachelor of Engineering (Chemical), First Class Honours, and a Master of Engineering (Chemical) from the National University of Singapore.

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Sugandhi Matta

Sugandhi Matta

Chief Impact Officer

As Chief Impact Officer, Ms Sugandhi Matta leads ABC Impact’s approach to assessing, measuring and driving impact outcomes across its portfolio, and also invests for the firm across South and Southeast Asia. She brings over 20 years of investing experience in the region, having previously been Director of Investment at LeapFrog Investments, a billion-dollar impact fund focused on financial inclusion, and before that focused on Southeast Asian mid-market private equity at Actis. She began her investing career as a member of Temasek Holdings’ Financial Services team.

Ms Matta sits on the boards of several portfolio companies across India and the UK, and has also held board directorships in Thailand and Indonesia. She holds an MBA from the Indian Institute of Management, Bangalore, and a Bachelor of Engineering from Maharaja Sayaji Rao University, Baroda.

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Eugene Huang

Eugene Huang

Chief Strategy Officer

Mr Eugene Huang was previously Managing Director, Investments at Temasek, where over a 12-year tenure based in Singapore, Beijing and Shenzhen he invested and exited over US$5 billion of capital globally across industries such as software, e-commerce, social media, education and consumer. He was most recently responsible for Temasek’s technology and consumer investments in China and head of its Shenzhen office.

Mr Huang began his career as an investment banker with Merrill Lynch & Co. (now Bank of America) in New York and Hong Kong. He graduated summa cum laude from New York University’s Stern School of Business.

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Charina Chan

Charina Chan

Chief People Officer

Ms Charina Chan is Chief People Officer of ABC Impact, a role she holds concurrently with Chief People Officer of Temasek Foundation Ltd and Head of Organisation, Human Resources and Administration at Temasek Trust Ltd. She was previously part of Temasek International’s Organisation & People team, where she led the Non-Executive Talent portfolio, covering board governance and the management of an extended talent network for Temasek and its portfolio companies. Earlier in her career she worked at Fullerton Financial Holdings, a wholly owned subsidiary of Temasek Holdings.

Ms Chan holds an MBA from Imperial College London and a Bachelor of Science from the National University of Singapore.

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Koh Boon San

Koh Boon San

Managing Director, Operations (Non-Investment)

Mr Koh Boon San is responsible for finance, risk, compliance and operations at ABC Impact. He brings more than 20 years of experience across fund management, finance and the corporate sector.

Before joining ABC Impact, Mr Koh headed the business management team at HSBC Securities Services, covering trustee, fund administration and custody services, and spent 10 years at Fullerton Fund Management heading various finance, risk and compliance functions. He began his career at Pricewaterhouse before joining Temasek Holdings’ finance department.

Mr Koh holds a Bachelor in Accounting (Second Class Honours, Upper Division) from Nanyang Technological University and is a member of the Institute of Singapore Chartered Accountants.

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Jeffrey Fang

Jeffrey Fang

Head of Investor Relations and Communications

Mr Jeffrey Fang leads Investor Relations at ABC Impact, responsible for capital raising, investor engagement and external communications across global markets.

Earlier in his career, Mr Fang held roles across corporate development, operations and financial communications. He was Director of Strategic and Public Affairs at Temasek, managing global M&A communications, media relations, and crisis and issues management. He subsequently built a portfolio as an angel investor and venture operator, alongside his own advisory practice, before joining Temasek Trust Asset Management.

Mr Fang serves on the boards of Kim Dental, the Home Nursing Foundation, and several venture-backed companies. He holds an MA in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University and a BA in Mass Communication from RMIT University.

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Climate
& Water Solutions

We invest in businesses strengthening energy security and accelerating the energy transition across Asia, alongside companies improving water resilience and access — from renewable energy infrastructure and energy efficiency to water treatment and resource management.
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Sustainable Food
& Agriculture

We back companies improving the productivity, sustainability, and resilience of Asia's food systems — including precision agriculture, alternative proteins, and solutions that reduce waste across the supply chain.
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Financial
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We invest in technology-enabled businesses expanding access to financial services for underserved individuals and micro-enterprises across Asia, including digital lending, insurance, and payments infrastructure.
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Better Healthcare
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We back businesses improving access to quality healthcare and education across Asia — from tech-enabled diagnostics and elder care to digital learning platforms serving students at scale.