EDP Renewables (EDPR), the world's fourth-largest renewable energy producer, will invest $10 billion by 2030 to establish its Asia-Pacific headquarters in Singapore, while continuing to develop new clean energy projects across the region, the company said on Thursday (Feb 24).
The Portuguese company also concluded its $1.1 billion purchase of 91 per cent of Singapore renewable energy firm Sunseap, which will serve as a launchpad of the European firm's regional investments.
The acquisition, first announced in November last year, will include Sunseap's pipeline of renewable energy projects in Asia. The projects are in various stages of development and have a combined capacity of 10 gigawatts.
EDPR and Sunseap will embark on renewable energy projects focused on solar and wind projects across Asia-Pacific, while targeting opportunities for cooperation in energy storage and green hydrogen, the companies said in a joint statement.
In July last year, Sunseap announced it would build the world's largest floating solar farm and power storage system on the Indonesian island of Batam.
The US$2 billion (S$2.73 billion) complex is slated to be developed on the Duriangkang Reservoir in southern Batam island, near Singapore. At the time, the company said the project is expected to be completed by 2024.
Sunseap has also signed a memorandum of understanding along with a consortium of companies to develop solar power systems in the neighbouring Riau islands of Indonesia to provide electricity to Singapore. These systems will have a combined 7 gigawatt-peak (GWp) capacity.
Head of Asia renewables research at Rystad Energy Chew Jun Yee said EDPR setting up its headquarters here reaffirms Singapore's position as a platform for clean energy investments into Southeast Asia.
