Sunseap buyer to pump $7.4b in Singapore to build APAC HQ

EDP Renewables (EDPR), a unit of a Portugal-based renewable energy major EDP Group, will invest S$10 billion (US$7.4 billion) by 2030 to set up its Asia-Pacific headquarters in Singapore.

The investment follows EDPR’s S$1.1 billion (US$813 million) acquisition of Singapore-based greentech firm Sunseap, announced in November last year.

(From left) Sunseap co-founder and business CEO Frank Phuan, Sunseap co-founder and CFO Lawrence Wu, Enterprise Singapore chairman Peter Ong, EDP Group CEO Miguel Stilwell D’Andrade, Singapore Economic Development Board managing director Jacqueline Poh, EDPR COO of Asia Pacific and Sunseap board member Pedro Vasconcelos, and EDP Group chairman João Talone / Photo credit: EDPR

The acquisition will see the two firms leverage each other’s prowess in the green energy space. EDPR and Sunseap aim to launch multiple renewable energy projects across the Asia-Pacific region, focusing on solar and wind energy sources. They will also explore opportunities in energy storage and green hydrogen.

Following the acquisition, Sunseap founders will join EDPR’s top management team for the region and lead the business.

EDPR said that the Sunseap acquisition is in line with the former’s strategy for Asia Pacific, which has witnessed an increasing demand for renewable energy. This surge is primarily driven by a growing number of projects in China, India, and Australia. Investments in the region’s renewables sector could double to US$1.3 trillion by 2030, according to global energy research and consultancy group Wood Mackenzie.

“With EDPR’s financial muscle and expertise in renewables, Sunseap will be able to accelerate growth plans and revolutionize the energy landscape in the region, as well as nurture the next generation of talents in the industry,” Sunseap co-founder Frank Phuan said in a statement.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.