EDP Renewables, Sunseap close $1.1b acquisition deal

EDPR has acquired a 91% stake in Sunseap.

EDP Renewables (EDPR) announced the completion of the $1.1b deal to acquire a 91% stake in Sunseap, amongst the largest solar power operator in Southeast Asia.

Following the acquisition, EDPR also disclosed plans to deploy up to $10b by 2030 to establish a clean energy hub in Singapore. This will serve as the company’s headquarter in the Asia-Pacific region.

“The Asia Pacific region is a strategic market for us towards EDPR’s global positioning, with both high demand and growth potential in the renewable energy sector,” Pedro Vasconcelos, COO APAC EDPR, said.

According to EDPR, the acquisition is expected to balance the synergetic potential driven from EDPR’s scale and utility scale expertise, and Sunseap’s regional knowledge and strong distributed generation track record.

The deal will also open opportunities to partner in energy storage and green hydrogen, among others.

This granted EDPR access to markets with growth in renewables of over 120 gigawatts per year, representing approximately 75% of the expected global growth (2020-2030).

This also expands EDPR’s sizeable portfolio, which includes about10GW of renewable projects at different stages of development.

Citing data from Wood Mackenzie, EDPR noted that demand for renewable energy in APAC continues to surge, largely to projects in China, India, and Australia. Investment in the region is also expected to double to $1.3t by 2030.