EDP becomes largest shareholder of Sunseap

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EDP Renewables (EDPR), the renewable energy arm of Portuguese power utility Energías de Portugal (EDP), whose largest shareholder is state-owned energy company China Three Gorges, has acquired an 87.4% stake in Singaporean solar developer Sunseap for €600 million.

“EDPR is investing at a time when Sunseap is expanding its footprint in the region, in particular with a 2.2 GW project to build a floating photovoltaic farm and an energy storage system [on] Indonesia’s Batam island, as well as other regional interconnection projects to export renewable energy to power data centers in Singapore,” Sunseap added. “In addition, this tie-up will also enable knowledge transfer from EDPR to Sunseap for the Asian market, including in wind energy, while generating opportunities for collaboration in areas of energy storage and green hydrogen.”

EDP wants to more than double its installed capacity from clean energy in the next four years, from 12 GW currently to 25 GW in 2025. The utility has also planned to stop producing coal power in 2025 and to go fully green in 2030, anticipating its carbon neutrality targets in 20 years' time.

*The article was updated on November 3 to add the financial details on the transaction.

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