EDPR Reinforces its Presence in the Asia-Pacific Region
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.
