Page 13 - AsiaElec Week 09 2022
P. 13
AsiaElec RENEWABLES AsiaElec
EDPR clears regulatory
conditions to buy 91% stake
in SE solar operator Sunseap
SE ASIA EDP Renewables (EDPR) of Portugal has com- hub for APAC in Singapore.
pleted the purchase of a majority stake in Sun- Sunseap’s founders will be part of the region’s
seap Group, the Southeast Asian renewables top management team that will lead the busi-
firm. Sunseap Group is the largest distributed ness, it said.
solar power operator and the fourth-largest solar EDPR and Sunseap will embark on renewable
power operator in Southeast Asia. energy projects across the Asia-Pacific region,
EDPR announced in November that it had specifically solar and wind projects. There will
agreed to purchase the majority stake. Sunseap also be opportunities for co-operation in energy
has a sizeable portfolio including close to 10 storage and green hydrogen, among others, said
GW of renewable projects at different stages of EDPR.
development. EDPR now has access to markets with growth
The news is important because demand for in renewables of over 120 GW per year, repre-
renewable energy in Asia-Pacific continues to senting approximately 75% of the expected
surge, mainly due to a significant increase in global growth from 2020-2030.
new projects in China, India and Australia, said Miguel Stilwell d’Andrade, CEO of EDP
EDPR. Asia-Pacific is the world’s fastest grow- and EDPR, said: “Sunseap, together with
ing renewables market, accounting for 55% of EDPR’s complementary expertise, is now bet-
global capacity additions this decade, with solar ter equipped to drive the energy transition and
representing 65% of the growth, the Portuguese mitigate climate change for the entire APAC
company said. region, fostering sustainability as a key engine
EDPR also cited Wood Mackenzie, the for growth and green jobs and contributing to
energy research and consultancy group, in say- Singapore’s ecosystem of clean energy”.
ing that the region’s renewable investments could Frank Phuan, co-founder of Sunseap, added:
double to $1.3 trillion by 2030. “This is a significant milestone for Sunseap and
In an accompanying announcement, EDPR for everyone who has helped us build a bil-
also said that it plans to invest SGD10bn lion-dollar company with the singular mission
($7.37bn) by 2030 in the region, creating what it of decarbonising and bringing affordable clean
said will be an “industry-leading” clean energy energy to everyone.”
Week 09 02•March•2022 www. NEWSBASE .com P13
