KPMG to aid Urban Renewables' C&I solar expansion in Singapore

KPMG has been selected to advise Urban Renewables on fundraising for its expanding Solar Rooftop Commercial and Industrial (C&I) portfolio in Singapore which has crossed the 30MWp milestone.

Urban Renewables, a Singapore-headquartered company focusing on sustainable energy solutions in urban areas, aims to raise SGD100-125 million ($73-91 million) from financial and strategic investors by end of the fourth quarter 2023.

The funds will be used for the Company’s existing and future solar portfolio in Singapore.

Edgare Kerkwijk, founder and managing director of Urban Renewables said: “Since the start of this year, we have been approached by a growing number of investors and KPMG is hired to streamline and manage our fund-raising exercise.”

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He added, “As more company owners are seeking to reduce their electricity cost, we have received an overwhelming request for solar rooftop installations since the start of the energy crisis. Our current prospect pipeline has exceeded 110MWp and it is still going strong."

Urban Renewables works in close partnership with Nippon Steel BlueScope to provide its unique Solar + Roof solution which is targeted at older C&I buildings.

Upfront costs for rooftop repairs, replacement and/or maintenance works often need to be incurred before rooftop solar panels can be installed particularly for these older buildings and most owners of these older buildings are unwilling to pay for these upfront costs.

To resolve this, Urban Renewables pays for these costs and the company includes new roofs with warranty into its solution offering.

Urban Renewables has a target to own and operate 100MW of solar PV rooftop installations by the end of 2025. It recently expanded into Malaysia and Vietnam with local incorporated entities with the aim of providing its unique solar rooftop solutions to potential clients in these markets.