Fresh Funds for Solar Power Developer Startups

SUN Energy raised US$25 million in Series A funding led by leading conglomerates in Indonesia, including an integrated energy company PT TBS Energi Utama Tbk (TOBA), through its subsidiary PT Toba Bara Energi. PT Delta Dunia Makmur Tbk (DOID), the holding company of PT Bukit Makmur Mandiri Utama, one of the largest coal mining contractors in Indonesia by production, also joined the funding round, which increased the startup's valuation to US$200 million. Several well-known entrepreneurs in Southeast Asia are also involved in this funding.

"Seeing the enormous potential of solar energy in Indonesia, we are proud to partner with several conglomerates in Indonesia that are involved as investors in Series A funding," Philip Lee, Chief Executive Officer of SUN Energy, said in a press release on Monday.

Pandu Sjahrir, TBS Energi Utama Deputy President Director, said the investment is one of the company's strategies to push the Zero Carbon Emissions target by 2030. "The solar power generation industry is one of the focuses and strategies to reduce carbon footprint. With SUN Energy's track record, we believe this collaboration will accelerate the Zero Carbon Emissions target in 2030," he said.