Thai coal miner Banpu PCL is buying a 25.7% stake in Singaporean green energy firm, Sunseap Group Pte Ltd for $55.7 million, the company said on Tuesday.
Banpu is making the investment through its subsidiary, Banpu Infinergy Company Limited (BPIN). The purchase of the stake will increase BPIN's generating capacity to 47 megawatts (MW) of signed projects, a step toward its five-year goal of 300 MW, according to the statement.
Sunseap has an operating capacity of 93.3 MW of solar power that is set to increase to approximately 182.9 MW through secured projects.
Banpu is "responding to business needs and encouraging the switch to clean energy in Thailand", said Somruedee Chaimongkol, the company's chief executive in the statement.
Sunseap's customers in Singapore include public sector agencies and companies such as Apple, the Housing Development Board, and Jurong Port.