EDP Renewables (EDPR), the world’s fourth-largest renewable energy producer, plans to invest up to S$10 billion (over $7 billion) by 2030 to establish a clean energy hub in Singapore for the Asia Pacific region.
EDPR, which is 75% owned by Portugal’s biggest utility Energias de Portugal, closed a S$1 billion deal to acquire a 91% stake in Southeast Asian renewables firm Sunseap Group on Thursday (24 February).
Apart from solar and wind projects, EDPR and Sunseap intend to explore opportunities for co-operation in energy storage and green hydrogen, the companies said in a joint statement.
EDPR said the recently closed deal allows the company to establish a headquarters for the Asia-Pacific region through Sunseap, which has a portfolio of close to 10 GW of renewable projects at different stages of development across nine markets including Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Japan and Taiwan.
“The Asia Pacific region is a strategic market for us towards EDPR’s global positioning, with both high demand and growth potential in the renewable energy sector,” said Pedro Vasconcelos, EDPR’s COO for Asia-Pacific.
EDPR, which currently has a portfolio with a total capacity of 13 GW, mainly in Europe, the United States and Brazil, had struck a small deal in Vietnam earlier last year, marking its first step towards establishing a presence in Asia.
Last month, EDPR said it is making progress with its proposed wind power plant of up to 70 MW in Galați in Romania.
The company said it has completed the environmental impact documentation for the Negrilești wind farm project with a maximum of 70 MW in Romania’s east. The study of the spatial plan includes the 33 kV to 110 kV substations, and underground power connection, access roads and site organization at the location in Galați county.
The facility will consist of ten turbines with a capacity of 5 MW to 7 MW each. The wind farm is envisaged to span 40 hectares.