EDP Completes Acquisition of Majority Stake in Sunseap Group

By Giulia Petroni

EDP-Energias de Portugal SA on Thursday said that it has completed the acquisition of a 91% stake in Singapore-based solar player Sunseap Group Pte. Ltd. through its renewable subsidiary EDP Renovaveis SA.

The Portuguese energy company said the total consideration for the majority stake is 600 million euros ($679.5 million), while the enterprise value of the transaction is EUR900 million as of December.

"This acquisition allows EDP to establish a portfolio for the Asia-Pacific region of close to 10 gigawatts of solar projects, of which 563 megawatts operating and under construction," EDP said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 24, 2022 01:39 ET (06:39 GMT)

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