TEPCO HD, ESR secure rooftop solar funding in Singapore

Tokyo Electric Power Company Holdings, Inc. (TEPCO HD), Japan’s largest electric utility, has partnered with ESR Group Limited (ESR). Together, they formed a Special Purpose Vehicle (SPV) that signed a financing agreement with Bank SinoPac. The SPV has secured SGD 9.5 million (~$7.3 million), with provisions to raise it to SGD 35 million (~$ 27.22 million), to develop rooftop solar projects in Singapore. The funding supports a planned capacity increase from 10 MW to 40 MW. This is the first portfolio asset project financing of its kind for the TEPCO Group. The SPV has also signed power purchase agreements with multiple electricity users.