Figtree lands S$20M contract to build facility for solar company

Solar panels. Photo by CHUTTERSNAP on UnsplashSolar panels. Photo by CHUTTERSNAP on Unsplash

Figtree Holdings has landed a CNY95 million (S$20 million) contract to build an industrial facility in China for photovoltaic company Leapton New Energy (Changshu), the company said in a filing to SGX Monday.

The facility will be Leapton’s main manufacturing and distribution center, and will have a four-storey manufacturing space, the filing said. Construction is expected to begin in the third quarter of this year and complete in the third quarter of 2023, Figtree said.

Leapton New Energy (Changshu), a wholly owned subsidiary of Japan-based Leapton Energy, is a producer and seller of solar cells, modules, mounting and power system research and development, the filing said.

Danny Siaw, managing director of Figtree, said the project was the company’s second for the renewable energy sector in the last two years.

“We are excited to be able to strengthen our capabilities in this area, particularly given China’s pledge to almost double its total wind and solar capacity to 1,200 gigawatts by 2030 and its plans to build large scale renewable energy bases in north-western desert regions,” Siaw said in the statement. “With our track record, we hope to capture some of these growing opportunities in this market.”

Figtree Holdings designs and builds commercial and industrial facilities and also engages in property development of residential properties.