SINGAPORE’S electricity retailer Union Power has submitted a “binding offer” to scoop up the solar assets of failed Sun Electric group for S$2.2 million, sources told The Business Times (BT).

The offer by Union Power – an electricity retailer in the city-state – was submitted last month to the judicial managers (JMs) of Sun Electric Energy Assets (SEEA), a subsidiary under the group that was licensed to generate and export electricity to the national grid until the solar firm ran into financial troubles more than two years ago.

According to sources, the JMs are working to complete the sale of the assets, which could also include solar panels on JTC rooftops.