EDP Renewables will invest as much as S$10 billion in clean energy assets across the Asia Pacific by 2030, using Singapore as its regional headquarters to oversee its expansion plans
FREMONT, CA: In a deal worth S$1.1 billion, Energias de Portugal's business acquired a 91 percent share in Singapore-based Sunseap from investors including Thai billionaire Isara Vongkusolkit's energy firm Banpu and Singapore state-linked investment firm Temasek. Cofounders Frank Phuan and Lawrence Wu, as well as Japanese investors including Sumitomo Mitsui Financial, will own the remaining 9 percent of Sunseap.
With this acquisition, EDPR is likely to be able to assure a genuinely worldwide reach and handle its growing global client base while diversifying growth sources at the same time. It was also announced that EDPR and Sunseap would collaborate on renewable energy projects in the region, including solar, wind, energy storage, and green hydrogen.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Since its inception a decade ago, Sunseap, which is developing renewable energy facilities across Asia with a combined electricity generating capacity of 10 gigawatts, has installed solar systems on more than 3,000 commercial and industrial buildings as well as public housing estates, accounting for a fifth of EDPR's global capacity of 50 gigawatts by 2030. The business constructed one of the world's largest floating solar farms in the Johor Strait in Singapore's northwestern region, near the Malaysian border, in March 2021. It is also constructing a $2 billion mega-scale floating solar farm in Batam, Indonesia.
Sunseap will be able to accelerate expansion ambitions and alter the energy environment in the region, as well as nurture the next generation of talent in the industry, thanks to EDPR's financial power and expertise in renewables.
According to estimates by U.K.-based energy research and consultancy firm Wood Mackenzie, investments in clean energy technology will likely double to $1.3 trillion by 2030, as demand for renewable energy across the Asia Pacific increases. With an established presence across Asia, Europe, Latin America and North America EDPR is the world’s fourth-largest producer of renewable energy.