EDP Renewables (EDPR), the world’s fourth largest renewable energy producer, has announced that all pending regulatory conditions have been met for the agreement reached in November to acquire a 91% stake in Sunseap, the largest distributed solar power operator and the fourth largest solar power operator in Southeast Asia.
This acquisition enables EDPR to ensure a truly global reach and to address its increasing global client base, while diversifying at the same time growth sources, and allowing for exposure to additional high-quality regulatory systems and resource environments.
Additionally, following the closing of its S$1.1 billion deal with Sunseap, EDPR has stated it plans to invest S$10 billion by 2030, creating an industry-leading clean energy hub for the APAC region out of Singapore. These investments are in line with the company’s strategy for the Asia Pacific region in general, it being the world’s fastest growing renewables market accounting for 55% of global capacity additions this decade, with solar representing 65% of the growth.
The acquisition will balance the synergetic potential driven from EDPR’s scale and utility scale expertise, together with Sunseap’s regional knowledge and strong DG track-record. Fully in line with this logic, Sunseap’s Founders will be part of region’s top management team that will lead the business.
EDPR and Sunseap will embark on renewable energy projects across the Asia Pacific region, specifically solar and wind projects. There will also be opportunities for co-operation in energy storage and green hydrogen, among others. EDPR now has access to markets with growth in renewables of over 120 GW/year, representing approximately 75% of the expected global growth (2020-2030).
The closing of this transaction will allow EDPR to establish a headquarters for the Asia-Pacific region through Sunseap, with a sizeable portfolio including of close to 10 GW of renewable projects at different stages of development and an experienced team of more than 600 employees spread across 9 markets.
In Singapore, the push to make renewable energy more accessible to homes and businesses has gained momentum with the unveiling of the Singapore Green Plan 2030, a nationwide movement that is committed to a zero-carbon future.
Miguel Stilwell d’Andrade, CEO of EDP and EDPR, said “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, fostering sustainability as a key engine for growth and green jobs and contributing to Singapore’s ecosystem of clean energy”.