The renewable energy arm of Portugal's EDP, EDP Renewables (EDPR) will invest SGD 10 billion ($7.4 billion) on creating a clean energy hub for the Asia Pacific region by 2030, from its regional headquarters of Singapore, after it completed its 91% stake acquisition in Sunseap.
Originally, EDPR was aiming for a 87.4% stake in Sunseap but said it may increase the share to 91.4% between signing and closing the deal (see EDPR Invests In Singapore's Sunseap).
EDPR has closed the Sunseap transaction at SGD 1.1 billion which brings to its fold close to 10 GW of renewable energy projects at different stages of development, spread across 9 markets. It expands the company's global reach, diversifying its growth sources and 'allowing for exposure to additional high-quality regulatory systems and resource environments'.
"With EDPR's financial muscle and expertise in renewables, Sunseap will be able to accelerate growth plans and revolutionize the energy landscape in the region, as well as nurture the next generation of talents in the industry," said Co-founder of Sunseap, Frank Phuan.
Together, EDPR and Sunseap will explore solar and wind energy projects in the Asia Pacific region, and also cooperate on energy storage and green hydrogen, among others.