EDPR completes purchase of 91% in Singapore’s Sunseap

  • Lusa
  • 24 February 2022

EDP Renováveis (EDPR) announced in a statement that it has completed the acquisition of a 91% stake in Singapore-based Sunseap Group Pte. Ltd. for €600 million.

EDP Renováveis (EDPR), the renewables subsidiary of Energias de Portugal (EDP) on Thursday announced in a statement sent to the Securities Markets Commission (CMVM) that it has completed the acquisition of a 91% stake in Singapore-based Sunseap Group Pte. Ltd. for €600 million.

The company now acquired, EDPR explained, is “the largest distributed solar player and top 4 solar player in South East Asia.”

In its text, the electricity company stressed that this acquisition would allow it to establish a portfolio for the Asia-Pacific region “of close to 10 GW of solar projects, of which 563 MW operating and under construction, and an experienced team of more than 600 employees spread across 9 markets, providing a growth platform for the region.”

The statement posted on the CMVM website also states known that EDPR plans to invest around €6.5 billion in APAC by 2030, “gaining access to markets with growth in renewables of over 120 GW/ year, representing approximately 55% of the expected global growth (2020-2030).”

The deal had been flagged on February 17, when EDPR’s CEO, Miguel Stilwell d’Andrade, presented the company’s 2021 financial results. At the time, its completion of the deal was dependent on authorisations from Vietnam, one of the countries where Sunseap has a presence.