EDP Renewables (EDPR) plans to invest S$10 billion (US$7.39 billion) in renewables in the Asia Pacific (APAC) region by 2030 after closing its S$1.1 billion (US$813 million) acquisition of Singaporean developer Sunseap.
The Portuguese utility said the investment was in line with its strategy for the APAC region, regarding it as the world’s fastest growing renewables market with solar representing 65% growth in APAC for this decade.
This will enable EDPR to ensure “a truly global reach” and diversifying its portfolio even further, the company said.
The expansion into the APAC region comes one year after EDP, the majority owner of EDPR, announced its strategy of achieving 50GW of renewables addition by 2030, with an expansion into North America.
With the addition of Sunseap, EDPR will increase its renewables portfolio of nearly 10GW with projects in different stages of development and will establish its APAC headquarters in Singapore, through Sunseap.
The country unveiled last year its Green Plan 2030 that could help kickstart Singapore’s solar sector with the government targeting 2GW of solar PV by 2030.
Miguel Stilwell d’Andrade, CEO of EDP and EDPR, said: “Sunseap, together with EDPR’s complementary expertise, is now better equipped to drive the energy transition and mitigate climate change for the entire APAC region, fostering sustainability as a key engine for growth and green jobs and contributing to Singapore’s ecosystem of clean energy”.
EDPR and Sunseap will increase its renewable energy projects in the APAC region thanks to Sunseap’s regional knowledge, with a main focus on solar and wind projects. The company added they would also look into energy storage and green hydrogen projects.
“We are very pleased with the conclusion of this agreement with Sunseap. The Asia Pacific region is a strategic market for us towards EDPR’s global positioning, with both high demand and growth potential in the renewable energy sector. Sunseap will undoubtedly become a key growth lever for EDP, whose presence in the region will in turn drive local economic development,” said Pedro Vasconcelos, COO APAC EDPR.
Given the land constraints in the region, the acquisition of Sunseap will allow EDPR to further expand in the floating PV market that has a potential of 24GW in Southeast Asia.
Last July, Sunseap secured the development of 2.2GWp floating PV project in Indonesia and claimed it was the world’s largest floating PV project.