EDP Renewables introduces US$ 7.4 bn APAC investment plan after shutting Sunseap offer

• EDP Renewables (EDPR) intends to invest S$ 10 billion (US$ 7.39 billion) in renewables in the Asia Pacific (APAC) area by 2030 after shutting its S$ 1.1 billion (US$ 813 million) procurement of Singaporean designer Sunseap.

The Portuguese energy claimed the financial investment remained in line with its approach for the APAC region, regarding it as the world's fastest expanding renewables market with solar standing for 65% development in APAC for this decade.

This will certainly allow EDPR to ensure "a really worldwide reach" and also diversifying its portfolio also further, the company claimed.

The development into the APAC area comes one year after EDP, the bulk owner of EDPR, revealed its approach of achieving 50GW of renewables addition by 2030, with a development into North America.

With the enhancement of Sunseap, EDPR will increase its renewables portfolio of almost 10GW with projects in different phases of development and will develop its APAC headquarters in Singapore, through Sunseap.

The country unveiled in 2015 its Green Plan 2030 that might aid kickstart Singapore's solar sector with the government targeting 2GW of solar PV by 2030.

Miguel Stilwell d'Andrade, chief executive officer of EDP as well as EDPR, claimed: "Sunseap, along with EDPR's complementary know-how, is currently much better furnished to drive the energy transition and alleviate environment modification for the whole APAC area, promoting sustainability as an essential engine for development and eco-friendly work and adding to Singapore's environment of clean power".

EDPR and Sunseap will enhance its renewable resource projects in the APAC area thanks to Sunseap's local understanding, with a main focus on solar as well as wind projects. The firm included they would certainly additionally look into energy storage and green hydrogen projects.

"We are really happy 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 need and also development possibility in the renewable energy sector. Sunseap will definitely come to be a key growth lever for EDP, whose existence in the region will certainly in turn drive local economic growth," said Pedro Vasconcelos, COO APAC EDPR.

Offered the land restrictions in the region, the acquisition of Sunseap will enable EDPR to additional expand in the floating PV market that has a potential of 24GW in Southeast Asia.

Last July, Sunseap secured the growth of 2.2 GWp floating PV project in Indonesia as well as declared it was the globe's biggest floating PV project.