From left to right: Frank Phuan, Business CEO and Co-founder of Sunseap; Lawrence Wu, CFO and Co-founder of Sunseap; Peter Ong, Chairman of Enterprise Singapore; Miguel Stilwell D'Andrade, EDP Group CEO; Jacqueline Poh, Managing Director, Singapore Economic Development Board; Pedro Vasconcelos, EDPR COO, Asia Pacific and Board Member of Sunseap; and João Talone, EDP Group Chairman (Photo: EDPR/Sunseap)

February 24, 2022

The company announced last November it had acquired a 91% stake in Sunseap, the largest distributed solar player and top 4 solar players in Southeast Asia.

Following the closing of its S$1.1 billion* deal with Sunseap today, EDPR has stated it plans to deploy up to S$10 billion* by 2030, establishing a leading clean energy hub based in Singapore, for the APAC region.

Singapore, 24 February 2022. EDP Renewables (Euronext: EDPR), the world's fourth largest renewable energy producer, has announced that all pending regulatory conditions have been met for the agreement reached in November to acquire a 91% stake in Sunseap, the largest distributed solar power operator and the fourth largest solar power operator in Southeast Asia.

This acquisition enables EDPR to ensure a truly global reach and to address its increasing global client base, while diversifying at the same time growth sources, and allowing for exposure to additional high-quality regulatory systems and resource environments.

Additionally, following the closing of its S$1.1 billion* deal with Sunseap today, EDPR has stated it plans to invest S$10 billion* by 2030, creating an industry-leading clean energy hub for the APAC region out of Singapore. These investments are in line with the company's strategy for the Asia Pacific region in general, it being the world's fastest-growing renewables market accounting for 55% of global capacity additions this decade, with solar representing 65% of the growth.

The acquisition will balance the synergetic potential driven from EDPR's scale and utility scale expertise, together with Sunseap's regional knowledge and strong DG track record. Fully in line with this logic, Sunseap's Founders will be part of the region's top management team that will lead the business.

EDPR and Sunseap will embark on renewable energy projects across the Asia Pacific region, specifically solar and wind projects. There will also be opportunities for cooperation in energy storage and green hydrogen, among others. EDPR now has access to markets with growth in renewables of over 120 GW/year, representing approximately 75% of the expected global growth (2020-2030).

The closing of this transaction will allow EDPR to establish a headquarters for the Asia-Pacific region through Sunseap, with a sizeable portfolio including of close to 10 GW of renewable projects at different stages of development and an experienced team of more than 600 employees spread across 9 markets.

In Singapore, the push to make renewable energy more accessible to homes and businesses has gained momentum with the unveiling of the Singapore Green Plan 2030, a nationwide movement that is committed to a zero-carbon future.

Miguel Stilwell d'Andrade, CEO of EDP and EDPR, said: "Sunseap, together with EDPR's complementary expertise, is now better equipped to drive the energy transition and mitigate climate change for the entire APAC region, fostering sustainability as a key engine for growth and green jobs and contributing to Singapore's ecosystem of clean energy".

Pedro Vasconcelos, COO of APAC EDPR, said: "We are very pleased with the conclusion of this agreement with Sunseap. The Asia Pacific region is a strategic market for us towards EDPR's global positioning, with both high demand and growth potential in the renewable energy sector. Sunseap will undoubtedly become a key growth lever for EDP, whose presence in the region will in turn drive local economic development."

Frank Phuan, Co-founder of Sunseap, said: "This is a significant milestone for Sunseap and for everyone who has helped us build a billion-dollar company with the singular mission of decarbonising and bringing affordable clean energy to everyone.

"With EDPR's financial muscle and expertise in renewables, Sunseap will be able to accelerate growth plans and revolutionise the energy landscape in the region, as well as nurture the next generation of talents in the industry."

Singapore's Economic Development Board (EDB), which aims to strengthen the country's position as a global centre for business, innovation and talent, played a pivotal role in bringing both parties together.

Ms Jacqueline Poh, Managing Director of EDB, said: "Renewable energy is essential for Singapore and companies in the Asia-Pacific region to achieve our net zero ambitions. Sunseap has grasped opportunities to drive innovation and new business models in rooftop solar and offshore floating solar. EDPR's investment in Sunseap will boost Singapore's efforts in accelerating the region's energy transition through renewable energy project development, green finance and carbon trading, while also creating new jobs for Singaporeans in the solar and wind value chain."

Demand for renewable energy in the Asia Pacific continues to surge, due mainly to a significant increase in new projects in China, India, and Australia. The region's renewable investments could double to US$1.3 trillion by 2030, according to global energy research and consultancy group Wood Mackenzie.

About EDP Renewables (EDPR)
EDP Renewables (Euronext: EDPR), is a global leader in the renewable energy sector and the world's fourth-largest renewable energy producer. With a sound development pipeline, first class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is present in 26 international markets across Europe, Latin America, North America, and Asia.

EDPR is committed to furthering social advances in terms of sustainability and integration. This is reflected by the company's inclusion in the Bloomberg Gender-Equality Index and its recognition as a Top Employer 2021 in Europe (Spain, Italy, France, Romania, Portugal, and the UK) and in Brazil. In addition, it has also been recognised as a Top Workplace 2021 in the United States, each honouring an endorsement of its employee-driven policies.

EDP, the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation, and sustainability. EDP has been included in the Dow Jones Sustainability Index for 14 consecutive years and was recently recognised as the world's most sustainable electric utility in the Dow Jones index.