Singapore-based SUN Energy has raised approximately USD 25 million from its Series A funding round to finance the development of solar photovoltaic (PV) projects in Indonesia.   The company also intends to partner with blue-chip strategic partners sharing a similar vision on energy transition.

The deal values SUN Energy at around USD 200 million. The financing round was led by Indonesia-based TBS Energy Utama (TOBA) and PT Delta Dunia Makmur (DOID), a mining contractor. This move is in line with SUN Energy’s target of having 2 GWp of operational capacity by 2035.