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 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.
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.
“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,” said Marga Manzo, Investment Director, SunFunder.
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.
