The agreement reached amounts to a total consideration of €0.6billion and the implied enterprise value is €870million.
The transaction allows EDPR to establish its presence in Asia Pacific (APAC) with 540 MW of operational and under construction solar projects and a sizeable portfolio at different stages of development, namely 5.5 GW of renewable projects.
EDP Renewables, the world's fourth largest renewable energy producer, has reached an agreement to acquire 87.4% stake in Sunseap, the largest distributed solar player and top 4 solar player in South East Asia. Between signing and closing, EDPR may upsize its stake to 91.4%.
The transaction has been reached through an agreement with the major shareholders of Sunseap for a total consideration of €0.6billion, which represents an enterprise value of €870million. The completion of the transaction is subject to regulatory and other customary precedent conditions.
This acquisition will further establish EDPR’s global leadership position with a renewables platform to tap growth in Asia Pacific (APAC) through a key player such as Sunseap that is fully complementary to EDPR’s footprint, geographically and technologically.
Sunseap is a Solar focused renewables company headquartered in Singapore and has more than 400 employees spread across 9 markets, namely Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Taiwan and Japan.
