Portugal’s EDP Renewables To Invest Over $7 Billion Across Asia Pacific After Buying Singapore’s Sunseap

EDP Renewables said Thursday it will invest as much as S$10 billion ($7.4 billion) in clean energy assets across Asia Pacific by 2030, using Singapore as its regional headquarters to oversee its expansion plans.

EDPR said it will work with its newly acquired subsidiary, Singapore-based Sunseap, to embark on renewable energy projects, including solar, wind, energy storage and green hydrogen across the region. The unit of Energias de Portugal had today completed the acquisition of a 91% stake in Sunseap from investors including Thai billionaire Isara Vongkusolkit’s energy firm Banpu and Singapore state-linked investment firm Temasek, among others, in a deal valued at S$1.1 billion.

“This acquisition enables EDPR to ensure a truly global reach and to address its increasing global client base, while diversifying at the same time growth sources, ” EDPR said in a statement.  

Sunseap—which is 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 industrials buildings as well as public housing estates in Singapore since its inception a decade ago. In March 2021, the company completed one of the world’s largest floating solar farm in the Johor Strait in the northwestern part of Singapore, near the border to Malaysia. It is also building a mega scale floating solar farm in Batam, Indonesia at a cost of about $2 billion.

“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,” Frank Phuan, Sunseap cofounder, said in a statement.

As demand for renewable energy across Asia Pacific increases, investments in clean energy technology will likely double to $1.3 trillion by 2030, according to estimates by U.K.-based energy research and consultancy firm Wood Mackenzie.

“Sunseap, alongside EDPR’s complementary expertise, is now better equipped to drive the energy transition and mitigate climate change for the entire Asia Pacific region,” Miguel Stilwell d’Andrade, CEO of EDP and EDPR, said in a statement.