EDP Renewables invests in Sunseap, valuing solar energy company at S$1.1 billion
November 3, 2021
Singapore – EDP Renewables (Euronext: EDPR), world's fourth largest renewable energy producer, has bought a substantial stake in Sunseap in a deal that values Singapore’s leading solar energy company at S$1.1 billion, making EDPR a major shareholder in Sunseap.
EDPR is investing at a time when Sunseap is expanding its footprint in the region, in particular with a 2.2GW project to build a floating photovoltaic farm and an energy storage system in Indonesia’s Batam island, as well as other regional interconnection projects to export renewable energy to power data centres in Singapore.
EDPR, a listed company with a market cap of US$28 billion, is a global leader in the renewable energy sector with an installed wind and solar capacity of 13 GW. It designs, develops, manages and operates power plants that generate electricity from renewable sources and has a presence in 17 markets in Asia, Europe and America.
With this investment, EDPR will expand its renewables platform in Asia through Sunseap, complementing EDPR’s footprint in the rest of the world and enhancing the deployment of a portion of its US$22 billion investment plan through 2025. In addition, this tie-up will also enable knowledge transfer from EDPR to Sunseap for the Asian market, including in wind energy while generating opportunities for collaboration in areas of energy storage and green hydrogen.
Frank Phuan, Co-founder and Chief Executive Officer of Sunseap, said: “We are delighted to welcome EDP Renewables as a major shareholder. Its strategic vision to expand in the renewable energy sector in Asia aligns with Sunseap’s mission to help our customers to decarbonise their work, home and play, and will position us to accelerate our business plan for the region.
“With EDP Renewables onboard, we look forward to growing our customer base, achieving greater scale and efficiency through talent access, portfolio diversification and mergers and acquisitions.”
Sunseap Co-founder and President Lawrence Wu added: “EDP Renewables is one of the world’s leading renewable energy companies and its investment marks a significant milestone for Sunseap.
“There is much to do for the Sunseap group in the coming years and we are excited to find a partner who supports our mission, values and ambition. Their global reach in 17 large markets will also create opportunities for collaboration and partnership which is key to energy transition.”
Miguel Stilwell d’Andrade, Chief Executive Officer of EDP and EDPR, commented: “We are delighted to partner up with Sunseap for the Asian Pacific markets, creating a new regional platform and making EDPR a truly global renewables energy player. The strategy and vision of Sunseap is a perfect fit to EDP´s leading role within the ongoing energy transition and its local knowledge and track-record in the Asia Pacific region, together with EDPR's scale and technological expertise, will enable us to fully tap the potential of such markets.”
About Sunseap Group
Sunseap Group is a solar energy system developer, owner and operator in Singapore, with over 2000 MegaWatt-peak (MWp) of solar energy projects contracted across Asia, on more than 3000 buildings in Singapore, including public housing estates, as well as commercial and industrial buildings.
Sunseap Group also operates in various territories in Asia Pacific, including Vietnam, Cambodia, China, Taiwan, Japan, Thailand and Malaysia.
Sunseap Group Pte Ltd
Catherine Ong Associates
Tel: +65 9697 0007