Gabriel Budi Sutrisno · · 2 min readSingapore’s EDP Renewables APAC secures $95m from parent firm
Photo credit: Sunseap
EDP Renewables APAC, a Singapore-based greentech firm previously known as Sunseap Group, has received a US$95 million capital injection, according to Alternatives.pe.
It marks the first time the company secured additional backing since Portugal-based renewable energy major EDP Group acquired 91% of Sunseap through its subsidiary EDP Renewables (EDPR) in November 2021.
Further details on the investment are undisclosed, but the funds will likely help EDP Renewables APAC with expansion efforts across Asia Pacific.
Tech in Asia has reached out to the company for comments.
In February 2022, EDPR announced a US$7.4 billion commitment to set up its Asia-Pacific headquarters in Singapore by 2030. At that time, EDPR and its regional arm wanted to work on multiple renewable energy projects in the region, exploring the areas of solar and wind energy sources, as well as energy storage and green hydrogen.
Investments into the renewables sector in Asia Pacific could reach US$1.3 trillion by 2030, according to global energy research and consultancy group Wood Mackenzie.
EDP Renewables APAC generates revenue through supplying solar energy to residences and businesses, as well as the construction and maintenance of solar photovoltaic systems.
Its parent firm EDPR – with a market cap of over US$20 billion – is the world’s fourth-largest wind energy producer and operates across Europe, Latin America, North America, and Asia Pacific.
See also: Sunseap records biggest loss in 7 years
Editing by Miguel Cordon and Dhania Putri Sarahtika
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