EDP Renewables (EDPR) [EDPR:PZ], the world’s fourth-largest renewable energy producer, will build a clean energy hub in Singapore for the Asia-Pacific (APAC) region with a planned investment of SGD10bn (USD7.4bn) by 2030, as reported by Reuters on February 24. On the same day, the Portuguese company paid SGD1bn (USD740m) for a 91% stake in Sunseap Group, the largest clean energy solution provider in Singapore with regional operations in Southeast Asia Pacific. According to a joint statement by EDPR and Sunseap, the two parties will team up for solar and wind power projects, with possible collaborations in energy storage and green hydrogen.
EDPR’s renewable projects, mainly located in Europe, the US, and Brazil, have reached a total installed capacity of 13 gigawatts (GW). The company revealed it has nearly 10 GW of renewable projects at different stages of development in the APAC, which is the fastest-growing market for renewables. Over the past decade, the region accounted for 55% of the increased renewables installation and 65% of the solar power installation. EDPR could lead in Singapore’s renewables industry by acquiring Sunseap Group, as Sunseap has secured contracts last October to build 7 GW of solar power systems in Indonesia, which are expected to provide Singapore and Indonesia with 1 GW of renewable power per year. According to Sunseap, the project could meet 20% to 25% of Singapore’s electricity import demand.