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Highlights
- Portugal’s EDP Renewables invests SG$1.1 billion in Singapore’s Sunseap.
- EDPR looks forward to making Singapore its APAC region clean energy hub.
- EDPR and Sunseap to reap synergy benefits of Singapore Green Plan 2030.
Renewable energy demand is shining across the Asia Pacific (APAC) region. The renewable energy push comes from the significant increase in green energy projects in China, India, and Australia. To grab on to this opportunity, one of world's largest renewable energy producers; EDP Renewables, has made a billion-dollar (SG$) investment in Singapore’s Asia renowned solar power operator Sunseap. EDP Renewables has plans to make Singapore its regional clean energy hub and is looking forward to deploying more than SG$10 billion in the country by 2030.
EDP Renewables acquires 91% stake in Sunseap
EDP renewables (EDPR) had announced in November 2021, that it is acquiring a 91% stake in Sunseap. On 24 February 2022, the global energy giant added that it has met all regulatory conditions relating to the acquisition. EDP Renewables is now the majority stakeholder of Singapore’s largest distributed solar power operator Sunseap, who is also Southeast Asia’s fourth largest solar power operator.
Post deal closing with Sunseap, EDPR has also revealed its plans to invest about SG$10 billion by 2030, in Singapore, to creating an industry-leading clean energy hub in the APAC region. The investments shall as per the company be line with its strategy in the world’s fastest growing renewables energy market; the APAC.
Image Source- © Alexandragl | Megapixl.com
How can solar focused Sunseap help EDPR?
- The acquisition as claimed by EDPR in its media release has synergetic potential, driven from EDPR’s scale and utility scale expertise combining with Sunseap’s regional knowledge and strong DG track-record.
- EDPR and Sunseap are to grab hold of renewable energy projects across APAC region, specifically relating to solar and wind.
- The deal also holds potential for co-operation in energy storage and green hydrogen projects among others.
- Due to the acquisition EDPR now has access to markets with growth in renewables representing about 75% of the expected global growth (2020-2030).
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Management Commentary
According to the Portuguese EDPR’s CEO, Miguel Stilwell d'Andrade,
Image Source © 2022 Kalkine Media ®
In line with his views, EDPR’s APAC region COO, Pedro Vasconcelos believes, the APAC region is a strategic market for EDPR’s global positioning, offering both high demand and growth potential in the renewables sector. He thinks Sunseap has an undoubted potential to become a key growth lever for EDP.
On the other hand, According to Sunseap’s co-founder, Frank Phuan,
Image Source © 2022 Kalkine Media ®
Bottom line
Amid the world’s battles with climate change, and reshaping priorities of the world due to the Russia-Ukraine tussle, EDPR is grabbing attention of those interested in green energy. The rising call for EGS investing is what seems to have pushed EDPR towards the Singaporean investment.
Interesting Read- How Russia-Ukraine war could hamper the combat on climate change
