Portugal-based EDP Renováveis (EDPR), a Energias de Portugal (EDP) subsidiary, has acquired 91 per cent stake in Singapore-based Sunseap Group Private Limited (Sunseap). The purchase is valued at EUR600 million. The company has also acquired Sunseap’s portfolio of 10 GW of solar projects.
The completion of the acquisition is dependent on authorisations from Vietnam, one of Sunseap’s overseas markets. EDPR also plans to invest around EUR6.5 billion in the Asia Pacific (APAC) region by 2030 as well as expand its renewable capacity to over 120 GW per year.