SP GROUP TO ACQUIRE 150MWP OF ROOFTOP SOLAR ASSETS IN CHINA

News Release

The solar assets generate more than 150 GWh of green electricity annually, amounting to an avoidance of more than 88,000 tonnes in carbon emissions each year

10 April 2023, Singapore & Shanghai, China — SP Group (SP), a leading energy utilities group and sustainable energy solutions provider in Singapore and Asia Pacific, announced that it will acquire up to 150 Megawatts-peak (MWp) of rooftop photovoltaic (PV) assets from Shanghai Unisun New Energy Co. Ltd. 

To date, both companies have completed the acquisition of the first 80 MWp of distributed PV projects for a total equity consideration of approximately S$34 million (RMB 170 million). These rooftop PV assets are installed at over 50 industrial sites, located across the coastal provinces of Fujian, Jiangsu, Zhejiang, and Guangdong, covering food and beverage, automobile, and textiles industries. Completion of the remaining 70 MWp of rooftop PV assets is expected to be finalised by mid-2023.

The 150 MWp of rooftop PV assets will provide more than 150 Gigawatt-hours (GWh) of clean electricity in China annually and will help China avoid more than 88,000 tonnes of carbon emissions annually. The acquisition is in line with SP’s strategy to enable the sustainable development and decarbonisation of the industrial sector, helping energy-intensive manufacturing facilities reduce their energy consumption and carbon footprint. 

Mr Michael Zhong, Managing Director, China, SP Group said: "This acquisition is part of SP Group’s long-term commitment to support China’s clean energy expansion and strengthen our sustainable energy solutions portfolio. We look forward to accelerating the green energy transition and sustainable development for industrial parks, districts, and townships across China through deeper partnerships and value-added innovations.”

SP recently inked strategic alliances with China Southern Network Financial Leasing, CGN International Financial Leasing, and CIMC Capital, to jointly invest and develop sustainable energy projects in new energy development, energy storage systems, and integrated energy managements. SP Group currently has three offices in China (Guangzhou, Chongqing and Chengdu), with its China headquarters located in Shanghai.