Sunseap sells 87.4% stake to EDPR

EDP Renewables (EDPR) has reached an agreement to acquire an 87.4% stake in Sunseap, the largest distributed solar player and top 4 solar players 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 EUR0.6 billion (US$696.98 million), which represents an enterprise value of EUR870 million (US$1010.62 million). The completion of the transaction is subject to regulatory and other customary precedent conditions.

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. The company operates across the entire solar value chain through a build, own, and operate model for rooftop, ground-mounted utility-scale, and floating solar PV projects.