EDP Renewables To Build S$10B Clean Energy Hub for APAC Region in SG
The Asia-Pacific (APAC) region will soon be getting a S$10 billion clean energy hub.
European renewable energy company EDP Renewables (EDPR) recently announced it has met all pending regulatory conditions and is poised to acquire a 91 per cent stake in Sunseap, the largest distributed solar power generator in Southeast Asia.
According to the company's statement on the matter, EDPR plans to invest S$10 billion by 2030 to establish an "industry-leading clean energy hub" for the APAC region from Singapore. This was due to the region being the world's fastest-growing renewables market.
It was for this reason that EDPR and Sunseap wanted to create renewable energy projects in the region, which consists of solar and wind projects mainly, with co-operation in energy storage and green hydrogen being the secondary focus.
Additionally, EDPR said that it would build its headquarters in Singapore through Sunseap along with a portfolio of close to 10 gigawatts of renewable projects at different stages of development and more than 600 experienced team members spread across nine markets.
The company said Singapore was an ideal location for its headquarters due to the country's current drive for a zero-carbon future through Singapore Green Plan 2030. It is also home to Sunseap's floating solar farm, one of the world's largest offshore floating solar farms.
EDPR previously announced it would be acquiring a majority stake in Sunseap on 3 November 2021 during the time the latter was expanding its footprint. According to a Reuters report, the company would be using Sunseap to develop not only its projects through organic development but also opportunities for EDPR.
"This acquisition will complement EDPR's portfolio globally, beyond its current markets, and position it as a powerful platform for growth in APAC," Miguel Stillwell d'Andrade, EDP's and EDPR's CEO, said.
Written by John Paul Joaquin
