SunSource Energy Secures Project Financing from SunFunder to Expand Footprints in SE Asia
India’s commercial & industrial (C&I) solar projects developer SunSource Energy has signed a project financing pact with Nairobi-headquartered solar financer SunFunder to expand its presence in Southeast (SE) Asia.
February 17, 2022. By Manu Tayal
The investment is SunFunder’s first transaction in Southeast Asia and will support SunSource Energy’s growth across the region towards developing and operating solar projects for C&I clients.
Commenting on the deal, Kushagra Nandan, Co-Founder and Managing Director of SunSource Energy, said, “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.”
The investment will be used by the solar developer, in which the Netherlands-based SHV Energy holds a majority stake, to provide project financing for an industrial solar installation in Thailand.
SunSource Energy has 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 well-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 at 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,” commented 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 USD 160 million in clean energy investments and was recently awarded a UN Global Climate Action award under Financing for Climate Friendly Investment.
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