Alternatives.pe reports that Singapore-based EDP Renewables APAC, a greentech company that was formerly known as Sunseap Group, has raised US $95 million.
This is the first time the company has received outside support since November 2021, when the major Portuguese renewable energy company EDP Group purchased 91% of Sunseap through its subsidiary EDP Renewables (EDPR).
Although specifics about the investment have not been disclosed, it is expected that the money will support EDP Renewables APAC’s plans to expand throughout Asia Pacific.
A US $7.4 billion commitment to establish its Asia-Pacific headquarters in Singapore by 2030 was made by EDPR in February 2022. In addition to investigating solar and wind energy sources, energy storage, and green hydrogen, EDPR and its regional arm at the time sought to work on several renewable energy projects in the area.
Global energy research and consulting firm Wood Mackenzie estimates that by 2030, investments in the renewables sector in Asia Pacific could total US $1.3 trillion.
EDP Green Energy Together with building and maintaining solar photovoltaic systems, APAC makes money by providing solar energy to homes and businesses.
With a market valuation of more than US $20 billion, its parent company, EDPR, is the fourth-biggest wind energy producer in the world, operating in Asia Pacific, North America, Europe, and Latin America.
