European RE Firm to Invest USD 10 Billion in Singapore and the Region

Mar 2022

EDP Renewables (EDPR), the world’s fourth-largest renewable energy producer, announced that it will invest USD 10 billion by 2030 to establish its Asia-Pacific headquarters in Singapore and develop new clean energy projects across the region. As part of its investment plan, it has acquired 91% of Singapore renewable energy firm Sunseap for USD 1.1 billion, which EDPR plans to use as a launchpad for the company’s regional investments.

Both companies are set to embark on renewable energy projects focused on solar and wind projects across Asia-Pacific while targeting opportunities for cooperation in energy storage and green hydrogen. This includes the various projects Sunseap already had in its pipeline before the acquisition, which are in various stages of development and have a combined capacity of 10 gigawatts, such as a USD 2-billion floating solar farm and power storage system on the Indonesian island of Batam, which is expected to be completed in 2024 and would be the world’s largest solar farm. Sunseap has also signed an MoU with a consortium of companies to develop solar power systems with a combined capacity of 7 Gigawatt-peak in the neighboring Riau islands of Indonesia to provide electricity to Singapore.

EDPR’s investment in Sunseap is expected to help boost Singapore’s efforts in accelerating the region’s energy transition through renewable energy project development, green finance and carbon trading, while also creating new jobs for Singaporeans in the solar and wind value chain. It will also reaffirm Singapore’s position as a platform for clean energy investments into Southeast Asia.

(Source: EDPR)

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