Kul Bhushan · · 1 min readPortugal firm buys Sunseap at $800m valuation
EDP Renewables (EDPR), a unit of a Portugal-based renewable energy major EDP Group, has acquired a majority stake in Singapore-based greentech firm Sunseap at a valuation of US$816 million.
The latest investment will allow EDPR, a listed company with a market capitalization of US$28 billion, to expand its renewables platform in Asia through Sunseap.
Image credit: 123RF
The deal also enables the transfer of knowledge, including insights on wind energy, from EDPR to Sunseap about the Asian market, while collaborating in areas such as energy storage and green hydrogen.
The investment comes amid Sunseap’s efforts to expand its footprint across Asia. One of its major projects includes a 2.2 gigawatt floating photovoltaic farm and an energy storage system on Indonesia’s Batam island.
“[EDPR’s] global reach in 17 large markets will also create opportunities for collaboration and partnership, which is key to energy transition,” Sunseap’s co-founder and president Lawrence Wu said in a statement.
Editing by Collin Furtado and Arpit Nayak
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