Thursday, February 22, 2024
31 C
Brunei Town

EDP Renewables to invest up to SGD10B by 2030 for clean energy hub in Singapore

SINGAPORE (CNA) – EDP Renewables (EDPR), the world’s fourth-largest renewable energy producer, said yesterday it plans to invest up to SGD10 billion by 2030 to establish a clean energy hub in Singapore for the Asia Pacific region.

EDPR, which is 75 per cent owned by Portugal’s biggest utility Energias de Portugal, closed a SGD1 billion deal to acquire a 91-per-cent stake in Southeast Asian renewables firm Sunseap Group yesterday after all pending regulatory conditions were met for the agreement reached in November.

Apart from solar and wind projects, EDPR and Sunseap intends 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 and Japan. “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 EDPR’s Chief Operating Officer for Asia-Pacific Pedro Vasconcelos.

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.

Electric power wind mills in Torres Vedras on the outskirts of Lisbon. PHOTO: CNA