EDPR plans $7.4bn Singapore clean energy hub

Spain-headquartered renewables group to use Sunseap acquisition as springboard for Asia-Pacific expansion

Renewable energy firm EDP Renewables (EDPR) plans to invest SGD10bn ($7.4bn) by 2030 in the creation of a clean energy hub in Singapore after securing a foothold in the Asia-Pacific region through the acquisition of solar company Sunseap. EDPR, which says it is the world’s fourth-largest renewable power producer, closed a SGD1.1bn deal to buy 91pc of Singapore-based Sunseap, one of southeast Asia’s leading solar companies. EDPR’s Asia-Pacific headquarters will be in Singapore. “The Asia-Pacific region is a strategic market for us… with both high demand and growth potential in the renewable energy sector,” says Pedro Vasconcelos, COO for Asia-Pacific at EDPR. “Sunseap will undoubtedly become