EDPR has cleared regulatory conditions for its acquisition of a majority stake in south-east Asian solar operator Sunseap.
In November 2021 EDPR reached an agreement to acquire a 91% stake in Sunseap, which is the fourth largest solar power operator in south-east Asia.
This acquisition enables EDPR to ensure “a truly global reach and to address its increasing global client base”.
Additionally, following the closing of its S$1.1bn (€723m) deal with Sunseap, EDPR has stated it plans to invest S$10bn by 2030, to create 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 distributed generation track-record.
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 120GW/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 10GW of renewable projects at different stages of development and an experienced team of more than 600 employees spread across nine markets.
Frank Phuan, co-founder of Sunseap, said: “This is a significant milestone for Sunseap and for everyone who has helped us build a billion-dollar company with the singular mission of decarbonising and bringing affordable clean energy to everyone.
“With EDPR’s financial muscle and expertise in renewables, Sunseap will be able to accelerate growth plans and revolutionise the energy landscape in the region, as well as nurture the next generation of talents in the industry.”