EDP Renewables (EDPR) has reached an agreement to acquire 87.4 per cent stake in Sunseap Group Private Limited (Sunseap), a renewable energy (RE) developer, with the company looking to further upsize its share to 91.4 per cent. The transaction has been reached through an agreement with the major shareholders of Sunseap for a total consideration of USD694 million, which represents an enterprise value of USD1 billion. The completion of the transaction is subject to regulatory and other customary precedent conditions.
This acquisition is expected to strengthen EDPR’s stake in the Asia Pacific (APAC) region’s RE sector. As of today, Sunseap’s total energy portfolio includes 5.5 GW of RE projects at various stages of development, including 540 MW of operational and under construction solar projects, 127 MW of secured capacity, and a 4.8 GW pipeline in various phases of construction.
[EUR 1 = USD1.15]