EDP Renewables (EDPR) has bought a substantial stake in Sunseap in a deal that values the Singapore-based solar energy company at S$1.1 billion, making EDPR a major shareholder in Sunseap.
“We are delighted to welcome EDP Renewables as a major shareholder,” says Frank Phuan, co-founder and CEO of Sunseap. “Its strategic vision to expand in the renewable energy sector in Asia aligns with Sunseap’s mission to help our customers to decarbonize their work, home and play, and will position us to accelerate our business plan for the region.”
Sunseap is currently expanding its footprint in the region, in particular with a 2.2 GW project to build a floating photovoltaic farm and an energy storage system in Indonesia’s Batam island, as well as other regional interconnection projects to export renewable energy to power data centers in Singapore.
“There is much to do for the Sunseap group in the coming years and we are excited to find a partner who supports our mission, values and ambition,” adds Sunseap’s co-founder and president, Lawrence Wu. “Their global reach in 17 large markets will also create opportunities for collaboration and partnership which is key to energy transition.”
With this investment, EDPR will expand its renewables platform in Asia through Sunseap. In addition, this agreement will also 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.
“We are pleased to partner Sunseap for the Asian markets, creating a truly aligned and wholesome platform that enlarges the global reach of EDPR beyond its current markets,” comments Miguel Stilwell d’Andrade, CEO of EDP and EDPR. “The strategy and vision of Sunseap is a perfect fit to EDPR’s leading role within the ongoing energy transition. Moreover, it brings local knowledge and a new enriching culture to the company.”
Sunseap Group is a solar energy system developer, owner and operator in Singapore, with over 2,000 MWp of solar energy projects contracted across Asia, on more than 3,000 buildings in Singapore, including public housing estates, as well as commercial and industrial buildings.