EDPR closes Sunseap buy, to invest up to USD 7.4bn across APAC
Solar panels. Photo by: Sunseap Group (www.sunseap.com).
EDP Renewables (ELI:EDPR) said today it has finalised the acquisition of a 91% stake in Singapore-based solar developer and operator Sunseap Group Pte Ltd in a previously announced deal worth SGD 1.1 billion (USD 813.2m/EUR 722.8m).
The move is part of EDPR’s strategy to expand its presence in the Asian renewable energy sector, mainly through wind and solar initiatives, and to foster opportunities for collaboration in energy storage and green hydrogen. In line with the plan, the renewables arm of Portuguese energy giant EDP (ELI:EDP) said it intends to pour up to SGD 10 billion to create a Singapore-based clean energy hub for the Asia-Pacific region by 2030.
The acquisition gives EDPR access to the Asian company’s portfolio of roughly 10 GW of solar projects under development across Asia. Apart from Singapore, Sunseap operates in Vietnam, Cambodia, China, Taiwan, Japan, Thailand and Malaysia.
EDPR’s plan is to create synergies by combining its own expertise with Sunseap’s regional knowledge and strong distributed generation track record. "Sunseap, together with EDPR's complementary expertise, is now better equipped to drive the energy transition and mitigate climate change for the entire APAC region [..],” said Miguel Stilwell d'Andrade, CEO of EDP and EDPR.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.