EDP Renewables buys stake in Sunseap; valuing company at S$1.1b
EDP Renewables (EDPR), the world's fourth-largest renewable energy producer, has bought a substantial stake in Singapore renewable energy firm Sunseap Group.
The deal would make EDPR a major shareholder of Sunseap and value the latter at S$1.1 billion, Sunseap said in a statement on Wednesday (Nov 3).
EDPR will expand its renewables platform in Asia through Sunseap, and the investment also enhances the deployment of a portion of its US$22 billion investment plan through 2025.
Additionally, the tie-up will 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: "With EDPR on board, we look forward to growing our customer base, achieving greater scale and efficiency through talent access, portfolio diversification and mergers and acquisitions."
Sunseap noted that the investment comes at a time when it is expanding its footprint in the region.
Its projects include building the world's largest floating solar farm and power storage system on Batam Island, Indonesia, as well as other regional interconnection projects to export renewable energy to power data centres in Singapore.
Earlier in March, Sunseap was also said to be weighing an initial public offering in Singapore that could raise as much as S$600 million. Sunseap was aiming to list as soon as the end of this year, according to people with knowledge of the matter.
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