Completion of Sunseap acquisition in the APAC region
Completion of Sunseap acquisition in the APAC region
Lisbon, February 24th, 2022: Following the information released to the market on November 3rd 2021, EDP - Energias de Portugal, S.A. (“EDP”), through its 74.98% owned EDP Renováveis, S.A. (“EDPR”) has completed today the acquisition of a 91% stake in Sunseap Group Pte. Ltd. ("Sunseap"), the largest distributed solar player and top 4 solar player in South East Asia, for a total consideration of €0.6bn for the referred 91% stake (“Transaction”). The implied Enterprise Value paid for 100% of the Transaction is €0.9bn, as of December 2021.
In detail, this acquisition allows EDP to establish a portfolio for the APAC region of close to 10 GW of solar projects, of which 563 MW operating and under construction, and an experienced team of more than 600 employees spread across 9 markets, providing a growth platform for the region.
The establishment of the APAC platform is within the context of EDP Business plan 2021-25, where EDP expects to install c.1.4 GW in the rest of the world within the 20 GW growth plan until 2025 providing visibility on growth and further reinforcing EDP’s worldwide leading position in renewables. EDP plans to invest c.S$10bn (c.€6.5bn) until 2030 in the APAC region, gaining access to markets with growth in renewables of over 120 GW/ year, representing approximately 55% of the expected global growth (2020-2030).
With this Transaction, EDP is now present in markets that represent c.75% of the expected global growth until 2030.
This information is disclosed pursuant to the terms and for the purposes of the article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council and of article 248.º-A of the Portuguese Securities code.
EDP – Energias de Portugal, S.A.