The Portuguese renewable group EDPR has acquired an 87.4% stake in Sunseap, a Singapore-based renewable company, for a total consideration of €600m (US$695m), which represents an enterprise value of €870m (US$1bn). EDPR's stake in Sunseap may be raised to 91.4% between signing and closing. Sunseap's portfolio includes 5.5 GW of renewable projects at different stages of development spread across 9 markets, namely Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Taiwan and Japan: 540 MW operating and under construction solar projects, 127 MW of secured capacity and a 4.8 GW pipeline in different development stages. This acquisition will help EDPR meet its target to reach 20 GW of renewable capacity by 2025, including 1.4 GW in "other geographies" (outside Europe and Americas).
In October 2021, Sunseap Group signed a Memorandum of Understanding (MoU) to explore and develop solar power systems with combined capacity of 7 GW around the Riau islands (Indonesia), including a previously announced 2.2 GW floating solar PV in Duriangkang, Batam. Coupled with multiple energy storage systems totalling more than 12 GWh, the project aims to provide 1 GW of non-intermittent low-carbon clean energy for Singapore and Indonesia.
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