EDP Renewables (EDPR) is brainstorming to invest SGD 10 billion (USD 7.39 billion) in renewables in the Asia Pacific (APAC) region by 2030 after accomplishing the SGD 1.1 billion (USD 0.81 billion) take over of Sunseap, a Singaporean developer.
The Portuguese utility firm stated that the investment was resonating with its strategy for the APAC territory, establishing it as the globe’s fastest maturing renewables market, with solar representing 65% maturity in APAC for this decade.
The firm stated that this would allow EDPR to guarantee an accurately international reach and diversify its portfolio further.
The extension into the Asia Pacific region comes one year after EDP Renewables, the majority proprietor of EDP Renewables, declared its strategy of accomplishing 50GW of renewables addition by 2030, with an extension into North America.
With the inclusion of Sunseap, EDP Renewables will augment its renewables portfolio of close to 10GW with projects in various stages of development.
In 2021, the nation revealed its Green Plan 2030 that could kick start Singapore’s solar industry, with the government focussing 2GW of solar photovoltaics by 2030.
CEO of EDP Group and EDP Renewables, Miguel Stilwell d’Andrade, stated that Sunseap, coupled with EDP Renewables’ complementary expertise, is now equipped to steer the energy transition and alleviate climate change APAC region wholly. In addition, Miguel noted that the firm nurtured sustainability as the main engine for maturity, green jobs, and contributing to Singapore’s clean energy ecosystem.
EDP Renewables and Sunseap will enhance its renewable energy projects in the APAC region owing to Sunseap’s local expertise, with a principal focus on solar and wind projects. In addition, the firm included that they would also seek energy storage and green hydrogen projects.
Pedro Vasconcelos, COO APAC EDP Renewables, stated that the firm was delighted with the agreement with Sunseap. The Asia Pacific territory was a strategic market for EDP Renewables’ international positioning, with high demand and growth potential in the renewable energy industry. As a result, Sunseap will undeniably emerge as a top growth handle for EDP Renewables, whose existence in the territory will, in turn, steer regional economic development.
Owing to the land restrictions in the territory, the take over of Sunseap will allow EDP Renewables to further extend in the floating photovoltaics market that has a potential of 24GW in Southeast Asia.
In July 2021, Sunseap developed a 2.2Wp floating photovoltaic project in Indonesia and appealed to it as one of the world’s most significant floating photovoltaic projects.
About EDP Renewables
EDP Renewables is an international leader in the renewable energy industry and the world’s fourth-biggest wind energy generator. With an all-encompassing development conduit, first-class assets, and market-pioneering operating capacity, EDP Renewables has witnessed an exceptional development in recent years and is presently established in 26 international markets throughout Latin America, Europe, Asia, and North America.
Sunseap Group is the most significant and well-planned clean energy solutions facilitator in Singapore, with local operations in South East Asia Pacific. The firm presently possesses a portfolio of under-development and completed projects around 2GWp of solar projects in and around the South East Asia and Pacific territory.
Underpinned by institutional equity investors, fiscal institutions, and venture capitalists, the firm possesses the resources to fabricate devoted and bankable solutions for its consumers. From solar photovoltaic installations to offsite clean energy supply, energy-efficient solutions, and project funding, the firm’s integrated and holistic style will resolve surging energy needs and fabricate added value for any business enterprise.