EDP Renewables, a Spanish renewable energy company, has invested S$1.1 billion for a 91 percent stake in Singapore-based solar manufacturer Sunseap. The agreement was initially announced in November 2021, and it was finalised when all regulatory requirements were completed. EDPR has also announced plans to invest S$10 billion by 2030 in Singapore to build a clean energy hub that will serve the Asia-Pacific (APAC) region. This investment is part of the company’s APAC market strategy.
EDPR and Sunseap will now collaborate to develop clean energy projects throughout the APAC area, with an emphasis on solar and wind energy. In addition, the two companies will investigate energy storage and green hydrogen initiatives. Sunseap, whose renewable project portfolio has nearly 10 GW of total capacity, will be used by EDPR to build headquarters in the APAC region.
In October 2021, Energias de Portugal planned to invest £13 billion in wind and solar projects in Britain by 2030. EDP intends to invest via its subsidiary EDP Renewables, which has 1 GW of offshore wind capacity under construction and 0.9 GW under development in Britain. EDP’s major wind investments are in the US market but the company wants to explore further opportunities which allow it to play a leading role in the UK’s energy transition.
REGlobal’s Views: This financing round will help EDP to expand its portfolio in the APAC market through Sunseap, an established player in the region. Further, this financing will give Sunseap the required capital to invest in development of new projects.
