EDP, via EDP Renováveis (EDPR), has strengthened its presence in the Asia-Pacific region by completing a deal with Xuan Thien Group for the acquisition of two solar photovoltaic projects in Vietnam.
“With this transaction, EDP doubles its operational capacity in Vietnam, strengthening its presence in the APAC region, a market where it entered in 2021 and has been since reinforced with the integration of Sunseap in February 2022,”, according to an announcement by EDPR.
The two solar projects have a total capacity of 200 MWac (255 MWdc), added the company whose parent EDP has China Three Gorges as its biggest shareholder.
“The deal was reached for a total consideration of USD 284 million,” and also included a 20-year PPA, with a price of USD 93.5 per MWh (megawatt hour), EDP said.
The agreement between the companies was also reached “together with an additional earn-out conditioned to performance achievement,” and EDP said it was the first step towards establishing a long-term partnership between the two.