- EDPR has acquired a 87.4% stake in Sunseap for an investment worth €600 million
- It may expand the stake to a total of 91.4% between signing and closing the deal
- The investment allows EDPR a growing Asian renewable energy platform, complementing its global footprint
Renewable energy company EDP Renewables (EDPR) has acquired a 87.4% stake in Singapore headquartered solar energy player Sunseap Group for an investment worth €600 million. The deal now values Sunseap at $1.1 billion.
Announcing the transaction, EDPR said between signing and closing the deal it may further expand its stake in the company up to 91.4%.
For the renewable energy subsidiary of Portuguese utility EDP, EDPR sees this investment as establishing and expanding its renewables presence in Asia Pacific with a sizable portfolio, complementing its global footprint. “Following this Transaction, EDPR is going global with presence in 25 markets representing ~75% of worldwide growth until 2030,” said EDPR.
Sunseap is already operating in 9 Asian markets and has a portfolio of 5.5 GW solar power projects, comprising 4.8 GW pipeline in different stages of development. With EDPR as a majority stakeholder, Sunseap expects to growing its customer base, portfolio diversification and mergers and acquisitions, while achieving greater scale and efficiency through talent access.
It shared, “In addition, this tie-up will also enable knowledge transfer from EDPR to Sunseap for the Asian market, including in wind energy while generating opportunities for collaboration in areas of energy storage and green hydrogen.”
This investment in Sunseap comes as EDPR expands its presence in various markets including Chile and Vietnam in recent times (see EDP Renewables Entering Vietnam With 28 MW PV Project).
In August 2017, Shell Technology Ventures had invested an undisclosed amount in Sunseap (see Shell Invests In Singapore PV Firm).