The EDPR has cleared regulatory hurdles in its acquisition of a majority stake in Sunseap, a solar operator based in Southeast Asia.
In November 2021, EDPR and Sunseap, the fourth largest solar power operator in Southeast Asia, agreed to buy a 91 percent share in the company.
With this acquisition, EDPR will be able to provide “a truly global reach and to address its increasing global client base”.
EDPR has also indicated that it wants to invest S$10 billion by 2030 to develop a “industry-leading clean energy hub” for the APAC region out of Singapore, following the completion of its S$1.1 billion (€723 million) transaction with Sunseap.
These investments are consistent with the company’s overall strategy for Asia Pacific, which is the world’s fastest-growing renewables market, accounting for 55 percent of global capacity increases this decade, with solar accounting for 65 percent of that development.
The deal will “balance the synergetic potential” of EDPR’s scale and utility scale expertise with Sunseap’s regional understanding and track record in distributed generation.
The founders of Sunseap will be part of the region’s top management team, which will oversee the company.
EDPR and Sunseap will work together on renewable energy projects in Asia Pacific, focusing on solar and wind energy.
There will also be opportunities for collaboration in areas such as energy storage and renewable hydrogen.
EDPR today has access to markets with annual renewable energy growth of over 120 GW, accounting for over 75% of global growth (2020-2030).
With the completion of this transaction, EDPR will be able to establish a regional headquarters for the Asia-Pacific region through Sunseap, which has a large portfolio of renewable energy projects in various stages of development and an experienced team of over 600 employees spread across nine markets.
“This is a huge milestone for Sunseap and for everyone who has helped us establish a billion-dollar company with the primary aim of decarbonising and giving affordable clean energy to everyone,” said Frank Phuan, co-founder of Sunseap.
Sunseap co-founder Frank Phuan 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.”
