Urban Renewables taps KPMG as financial advisor for fundraising

Urban Renewables has selected KPMG as its financial advisor in its quest to raise millions of dollars to accelerate the growth of its rooftop solar panels division.

Singapore-headquartered sustainable energy pioneer Urban Renewables is seeking to raise around $90 million by the end of 2023 to expand its solar rooftop portfolio into urban grids in Singapore. The company’s Solar Rooftop Commercial and Industrial division focuses on retrofitting older buildings with rooftop solar installations.

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

The funding being eyed will be used to invest in both headcount and technical capabilities, said Kerkwijk, in order to meet booming demand.

“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,” said Kerkwijk.

The sustainable energy company will also work in close partnership with Japanese steel giant Nippon Steel BlueScope on the comprehensive solar solution, which will include rooftop repairs, and maintenance works that often need to be done before rooftop solar panels can be installed.

Urban Renewables offers to cover upfront costs associated with those necessary roof repairs and maintenance work that needs to be done, especially for older buildings, which they specialize in. The company’s solution offerings include new roofs and warranties for costumers that are often unable or unwilling to pay such upfront costs.

Singapore is currently going through a remarkable transformation to remain a city of the future, bound by a profound commitment to sustainability and resilience. The transition to solar energy is one driver of this transformation.

The country’s stated goal is to achieve at least 2 gigawatt-peak (GWp) of installed solar capacity by 2030, meeting the annual electricity needs of around 350,000 households.