EDP Renewables buys into Sunseap in Asian renewables push

EDP Renewables (ELI:EDPR) has acquired a major unspecified holding in Singapore-based solar developer and operator Sunseap Group Pte Ltd, as part of a strategy to expand its own presence in the Asian renewable energy sector as well as to foster opportunities for collaboration in energy storage and green hydrogen.

The transaction values Sunseap at SGD 1.1 billion (USD 816m/EUR 703m), the Asian company said in a statement on Wednesday.

"With EDP Renewables onboard, we look forward to growing our customer base, achieving greater scale and efficiency through talent access, portfolio diversification and mergers and acquisitions," Sunseap co-founder and CEO Frank Phuan said.

The deal with Singaporean solar owner and developer is seen to broaden EDPR's geographical footprint beyond the current in 17 large markets and to enable wind energy knowledge transfer for the Asian market. The acquisition will allow the renewables arm of Portuguese energy giant EDP (ELI:EDP) to deploy part of the USD 22 billion (EUR 18.96bn) earmarked for investment through 2025.

EDPR's stake purchase comes four months after Sunseap unveiled plans to build a giant 2.2-GWp floating solar complex with battery storage in Indonesia’s Batam Island.

Last week, the Singaporean company reached a broad agreement with a consortium of investors on the potential development of several other large-scale solar parks and energy storage projects in Indonesia’s Riau Archipelago. The proposed 7-GWp system would generate and export power for use by data centres in Singapore.

(SGD 1 = USD 0.742/EUR 0.640)

(USD 1 = EUR 0.862)

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