Corporate Profile

Sunpower Group Ltd. (SGX stock code: 5GD.SI) was established in 1997 and publicly listed on the SGX-ST (Singapore Exchange Securities Trading) in 2005. It is a leading centralised provider of clean industrial steam to industrial parks, civil heating to households, electricity to the State Grid, and other industrial products such as compressed air, in China. Its sizeable portfolio of Green Investments (“GI”) projects help China attain its Carbon Peak and Carbon Neutrality goals by facilitating the development of the circular economy and through initiatives such as the clean and efficient use of feedstock and diversification of feedstock sources to include industrial sludge, biomass and general solid waste.

Sunpower's proven GI business model enabled a quick recovery in 2023 from the significant challenges of the past few years with growth and improvement in profit margins. With 11 projects in commercial operation, the GI business continued to demonstrate its capacity to generate long-term, high-quality, recurring income through its strong market position to supply steam, which is a non-discretionary input product, to a large base of captive customers that provides resilient demand. The GI projects have typically exclusive concessions, an extensive network of pipelines that enhances their de facto exclusivity for industrial steam supply, and effective refined management practices.

The Group is committed to enhancing shareholders' value and investor return with its valuable portfolio of GI assets that first started to contribute positively to financial results in 2017. In 2021, the Group completed the disposal of the original Manufacturing and Services (“M&S”) business and paid a substantial special dividend of S$0.2412 per share to bondholders and shareholders from the proceeds of the disposal. Following the M&S disposal, the GI business became the principal business of the Group. In the long run, the GI business is well positioned to realise long-term growth potential and enhance value for shareholders and benefit from the growth potential of the centralised steam supply industry.