EDP Renováveis (EDPR), whose parent company EDP Portugal has China Three Gorges as its largest shareholder, is set to invest EUR 6.5 billion in the Asia-Pacific countries until 2030.
EDPR announced in a statement sent to the Securities Markets Commission in Portugal (CMVM) that it has completed the acquisition of a 91% stake in Singapore-based Sunseap Group Pte. Ltd. for EUR 600 million.
The company now acquired, EDPR explained, is “the largest distributed solar player and top 4 solar player in South East Asia.”
The electricity company stressed that this acquisition would allow it to establish a portfolio for the Asia-Pacific region “of close to 10 GW of solar projects, of which 563 MW operating and under construction, and an experienced team of more than 600 employees spread across 9 markets, providing a growth platform for the region.”
EDPR adds that it plans to invest around EUR 6.5 billion in APAC by 2030.
The investment is expected to allow to “gaining access to markets with growth in renewables of over 120 GW/ year, representing approximately 55% of the expected global growth (2020-2030).”
Review of partnership agreement between EDP and China Three Gorges to add “flexibility”
The closing of the deal had been flagged on February 17, when EDPR’s CEO, Miguel Stilwell d’Andrade, presented the company’s 2021 financial results.
At the time, its completion of the deal was dependent on authorisations from Vietnam, one of the countries where Sunseap has a presence.