Urban Renewables readies fundraising to expand solar rooftop ops

September 14 (Renewables Now) - Singapore-based Urban Renewables Pte Ltd is working on a new fundraising round to grow its solar rooftop portfolio at home, seeking to raise between SGD 100 million (USD 73.4m/EUR 68.4m) and SGD 125 million from financial and strategic investors.

Urban Renewables has tapped audit and advisory firm KPMG to help it in the process and expects to close the financing round in the fourth quarter of 2023, according to a statement published today.

Urban Renewables decided on the move after receiving approaches from multiple investors. The fresh funds will be used to support both existing assets and future projects in Singapore.

Launched in June 2020, Urban Renewables’ current rooftop commercial and industrial (C&I) portfolio in Singapore tops 30 MWp. The company has set itself the goal of achieving 100 MW of solar PV rooftop installations by the end of 2025.

(SGD 1 = USD 0.734/EUR 0.684)