EDP Renewables (EDPR) has completed an agreement with Singapore solar energy company Sunseap to establish its Asia Pacific headquarters in Singapore.
The company announced last November that it had acquired a 91% stake in Sunseap, the largest distributed solar player and fourth largest solar player in Southeast Asia.
Following the close of its $1.1 billion deal with Sunseap on Feb 24, EDPR now plans to invest up to $10 billion into Sunseap by 2030 to create an industry-leading clean energy hub for the region out of Singapore.
EDPR is the world's fourth largest renewable energy producer. The Asia Pacfic region is the world’s fastest growing renewables market, accounting for 55% of global capacity additions this decade, with solar representing 65% of the growth, reads a Feb 24 press release.
(From left to right) Frank Phuan, business CEO and co-founder of Sunseap; Lawrence Wu, CFO and co-founder of Sunseap; Peter Ong, chairman of Enterprise Singapore; Miguel Stilwell D’Andrade, EDP Group CEO; Jacqueline Poh, managing director, Singapore Economic Development Board; Pedro Vasconcelos, EDPR COO, Asia Pacific and board member of Sunseap; and João Talone, EDP Group chairman (Photo: EDPR/Sunseap)
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Demand for renewable energy in Asia Pacific continues to surge, due mainly to a significant increase in new projects in China, India and Australia. The region’s renewable investments could double to US$1.3 trillion by 2030, according to global energy research and consultancy group Wood Mackenzie.
Sunseap’s founders will be part of region’s top management team that will lead the business. EDPR and Sunseap will embark on renewable energy projects across the Asia Pacific region, specifically solar and wind projects.
Frank Phuan, co-founder of Sunseap, says: “This is a significant milestone for Sunseap and for everyone who has helped us build a billion-dollar company with the singular mission of decarbonising and bringing affordable clean energy to everyone."
See also: Sunseap secures $85.8 mil green loan from DBS and UOB for Singapore's largest clean energy project
Phuan adds: “With EDPR’s financial muscle and expertise in renewables, Sunseap will be able to accelerate growth plans and revolutionise the energy landscape in the region, as well as nurture the next generation of talents in the industry.”
Sunseap Group has a pipeline of close to 10 gigawatts (GWac) of solar energy projects across Asia. Its solar energy systems can be found on more than 3,000 buildings in Singapore, including public housing estates, as well as commercial and industrial buildings.
Sunseap also operates in various territories across the Asia Pacific, including Vietnam, Cambodia, China, Taiwan, Japan, Thailand and Malaysia.
According to EDPR, there will also be opportunities for cooperation in energy storage and green hydrogen, among others. EDPR now has access to markets with growth in renewables of over 120 GW/year, representing approximately 75% of the expected global growth between 2020-2030.
Miguel Stilwell d'Andrade, CEO of EDP and EDPR, says: “Sunseap, together with EDPR's complementary expertise, is now better equipped to drive the energy transition and mitigate climate change for the entire APAC region, fostering sustainability as a key engine for growth and green jobs and contributing to Singapore's ecosystem of clean energy."
Pedro Vasconcelos, COO APAC at EDPR, says: “We are very pleased with the conclusion of this agreement with Sunseap. The Asia Pacific region is a strategic market for us towards EDPR’s global positioning, with both high demand and growth potential in the renewable energy sector. Sunseap will undoubtedly become a key growth lever for EDP, whose presence in the region will in turn drive local economic development.”
Last March, Bloomberg reported that Sunseap Group was weighing an IPO on the Singapore Exchange that could raise as much as $600 million.
Photo: Sunseap
