EDP Renováveis buys Sunseap for €600 million
The company specifies that the transaction was achieved through an agreement with Sunseap's major shareholders for a total consideration of €600 million for an 87.4% stake.
EDP Renováveis (EDPR) has reached an agreement to buy one of the largest solar companies in Southeast Asia, Sunseap Group Pte. Ltd, the company announced this Wednesday.
In a statement sent to the Portuguese Securities Market Commission (CMVM), EDPR says it has agreed to acquire an 87.4% stake in Sunseap Group Pte. Ltd, the largest distributed solar company and one of the top four solar power companies in Southeast Asia.
The company specifies that the transaction was achieved through an agreement with Sunseap’s major shareholders for a total consideration of €600 million for an 87.4% stake.
“Between signing and closing, EDP may upsize its stake up to 91.4%,” EDPR adds in the note.
Sunseap is a renewable energy-focused Solar company headquartered in Singapore with over 400 employees spread across nine markets, namely Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Taiwan and Japan.
EDPR mentions that “the company operates across the entire solar value chain through a build, own and operate model for rooftop, ground-mounted utility-scale and floating solar PV projects.”
“As of September 2021, Sunseap portfolio includes 5.5 GW of solar projects: 540 MW (megawatts) in operation and construction, 127 MW of assured capacity ready to enter construction and 4.8 GW of pipeline in various stages of development,” the note reads.
