Climate Finance | November 9, 2021

Spain’s EDP Renewables acquires majority stake in Sunseap Group

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, November 9 — EDP Renewables, a Madrid-based global renewable energy producer, acquired an 87.4% stake in the Singapore-based distributed solar company. Sunseap’s portfolio includes 5.5-gigawatts of solar projects in Vietnam, Cambodia, China, Taiwan, Japan, Thailand and Malaysia.

EDP acquired the company to strengthen its presence in the Asia-Pacific region, which is seeing growing demand for clean energy due to strong market fundamentals. The company said it might upsize its stake to 91.4 percent by closing. The deal values Sunseap at S$1.1 billion ($816 million).

Singapore impact fund ABC World Asia, which backed Sunseap’s Series D round last year to support its expansion in Asia, will exit its investment in the company. EDP’s acquisition of the company “further affirms our strong conviction of Sunseap’s potential when we first partnered with the company in its impact journey across Asia,” said ABC World Asia’s Tan Shao Ming.