Portugal’s EDP said in talks to buy Southeast Asian renewables firm Sunseap

FILE PHOTO: Maintenance officer Wilson Ting of Sunseap Leasing inspects photovoltaic solar modules on top of a block of Housing Development Board (HDB) public housing estate apartments in Singapore April 15, 2015. REUTERS/Edgar Su

Energias de Portugal is in advanced talks to acquire a majority stake in Sunseap Group in a deal that will value the Southeast Asian renewables firm at around S$1 billion ($742 million), three sources with knowledge of the matter said on Tuesday.

EDP Renovaveis (EDPR), 75% owned by Portugal’s biggest utility, is in late-stage negotiations to buy out the stake held in Sunseap by Thai energy firm Banpu PCL, Singapore state investor Temasek Holdings, a Temasek-backed fund and other investors, the sources said.

The sources declined to be identified due to confidentiality constraints. EDP, Banpu, Sunseap and Temasek all declined to comment.

Banpu holds a nearly 49% stake in Sunseap through a subsidiary, which it has built up since its initial investment in the group in 2017. Details of stakes held by other shareholders have not been made public.

Sunseap also counts Japanese firms and other companies among its investors.

Two of the sources said EDPR is seeking to own a significant majority in Sunseap and is also considering investing at least $1 billion in the firm’s business over the next few years.

EDPR’s move to snap up the Singapore-based solar energy group reflects the world’s fourth largest renewable energy producer’s ambition to accelerate its growth in Asia.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.