- EDP invests $95M in its Asia renewable arm.
- The firm acquired Singapore’s Sunseap last year.
- The capital signals confidence in Asia’s renewable growth.
$95 million capital injection
Singapore-based renewable energy firm EDP Renewables APAC has secured a $95 million capital injection from its parent company, EDP Group.
The investment marks the first funding since Portugal’s EDP acquired a 91% stake in Singapore solar provider Sunseap Group, renamed EDP Renewables APAC, for $954 million last November.
Details remain undisclosed, but the capital will likely aid expansion across the Asia Pacific.
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$7.4 Billion for regional expansion
In February 2022, EDP outlined plans to establish its regional headquarters in Singapore by 2030, backed by a $7.4 billion commitment. The company is exploring the region’s solar, wind, storage, and green hydrogen projects.
Wood Mackenzie forecasts Asia Pacific renewable energy investments could reach $1.3 trillion by 2030 as the sector rapidly grows.
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A good signal for Asia
EDP Renewables APAC supplies solar energy to residents and businesses in Singapore.
Parent firm EDP Renewables is the world’s fourth-largest wind energy producer, with operations spanning Europe, Latin America, North America, and Asia Pacific.
The fresh $95 million injection signals EDP’s continued confidence in backing renewable growth in Asia, with Singapore as its regional base. Further details are expected as the funds aid EDP Renewables APAC’s regional expansion.
