edpr news EDPR reinforces its presence in the Asia-Pacific region through the investment in the Singaporean group Sunseap WEDNESDAY 03, NOVEMBER 2021 EDPR has acquired 87.4% stake in Sunseap, the largest distributed solar player and top 4 solar player in South East Asia. The agreement reached amounts to a total consideration of €0.6bn and the implied enterprise value is €870m. The transaction allows EDPR to establish its presence in Asia Pacific (APAC) with 540 MW of operational and under construction solar projects and a sizeable portfolio at different stages of development, namely 5.5 GW of renewable projects. EDP Renewables (Euronext: EDPR), the world's fourth largest renewable energy producer, has reached an agreement to acquire 87.4% stake in Sunseap, the largest distributed solar player and top 4 solar player in South East Asia. Between signing and closing, EDPR may upsize its stake to 91.4%. The transaction has been reached through an agreement with the major shareholders of Sunseap for a total consideration of €0.6bn, which represents an enterprise value of €870m. The completion of the transaction is subject to regulatory and other customary precedent conditions. Miguel Stilwell d'Andrade, CEO of EDP & EDP Renewables, said:“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.” This acquisition will further establish EDPR’s global leadership position with a renewables platform to tap growth in Asia Pacific (APAC) through a key player such as Sunseap that is fully complementary to EDPR’s footprint, geographically and technologically. Sunseap is a Solar focused renewables company headquartered in Singapore and has more than 400 employees spread across 9 markets, namely Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Taiwan and Japan. The company operates across the entire solar value chain through a build, own and operate model for rooftop, ground-mounted utility-scale and floating solar PV projects, with a business model focused on low risk long term contracted revenues with sound counterparties and enduring client relationships. Sunseap portfolio includes 5.5 GW of renewable projects at different stages of development: 540 MW operating and under construction solar projects, 127 MW of secured capacity and a 4.8 GW pipeline in different development stages. Perfect fit for EDPR’s ambitions in APAC Sunseap is fully complementary to EDPR both geographically and technologically and allows the company to reinforce its global leadership position in all key renewables markets. EDPR is now exposed to markets with growth in renewables of over 200 GW/year, representing ~75% of the expected global growth (2020-2030). This transaction allows EDPR to establish its presence in APAC with a sizeable portfolio and an experienced development team providing a growth platform for the region. The APAC region comprises 4.4 billion people with power demand rising thanks to solid economic growth, rapid urbanization and industrialization, and growing population. Power markets across the APAC region generate more than half the world’s demand and are heavily reliant on imported fuel. APAC is a key renewables growth market representing ~55% of global 2020-30 capacity additions, with solar representing 65% of growth in APAC, reflecting the strong fundamentals in the region and a strong push for the energy transition with the governments of China, Japan and South Korea having recently made net zero emissions commitments (for 2060, 2050 and 2050 respectively). The establishment of the APAC platform is within the context of EDPR Business plan 2021-25, where EDPR expects to invest c. 1.4GW to other geographies within the 20 GW growth plan until 2025, providing visibility on growth and further reinforcing EDPR’s worldwide leading position in renewables. After the transaction, EDPR will be present in 25 international markets. This commitment to the Asian region was materialised last June with EDPR's entry into Vietnam through an agreement with Trina Solar, the world leading PV and smart energy total solution provider. Credit Suisse acted as exclusive financial advisor to EDPR in this transaction, while Baker McKenzie Wong & Leow acted as legal counsel. We are a global leader in the renewable energy sector. Quick Links Annual Report 2020 Innovation Join Us What we do Contact us. Follow us LinkedIn .cls-1 { fill: none; } .cls-2 { fill: #000; } Twitter_Logo_Blue © Copyright 2020 - EDP Energias de Portugal. All rights reserved. Cookies Policy Personal Data Protection Policy Privacy notice Legal Notice Integrity Policy