Acquisition progresses EDPR’s ambitions in the Asia Pacific renewable energy space
Baker McKenzie and its Singapore member firm Baker McKenzie Wong & Leow acted as lead legal counsel to EDP Renewables (“EDPR”) in its acquisition of a 87.4% stake in Sunseap, via an agreement with the major shareholders of Sunseap for a total consideration of EUR 0.6bn (approximately SGD 937 million/USD 695 million), which represents an enterprise value of EUR 870m (SGD 1.36 billion/USD 1 billion). The completion of the transaction is subject to regulatory and other customary precedent conditions. Between signing and closing, EDPR may upsize its stake to 91.4%.
A multijurisdictional, multipractice team of transactional and advisory specialists had worked on this transaction, led by Singapore-based principals Ashok Lalwani and Kenny Kwan. The other lawyers who were involved in this transaction include:
Baker McKenzie Wong & Leow (Singapore) team:
Capital Markets/Corporate: Caryn Ng, Natania Ng
Projects: Martin David, Kim Hock Ang, Satta Chairasmisak
Banking & Finance: Kah Chin Chu, Dennis Lim, Terence Tim
Financial Services Regulatory: Ken Chia, Daryl Seetoh
Employment: Zhao Yang Ng, Esther Pang, Shu Ying Chua
Competition: Harikumar Pillay, Lip Hang Poh
Baker McKenzie Vietnam team:
Lan Phuong Nguyen
Thanh Hai Nguyen
Baker & McKenzie (Gaikokuho Joint Enterprise – Japan) team:
Ean Mac Pherson
Masahiro Tanabe
Baker McKenzie Taiwan team:
Murray Bowler
Tom Chou
Charlotte Chang
Vic Yang
This substantial investment in Sunseap will make EDPR, which is the world’s fourth largest renewable energy producer, further establish its presence in the Asia Pacific renewable energy market. Sunseap’s portfolio include 5.5 GW of renewable projects at different stages of development: 540 MW operating and under construction solar projects, 127 MW of secured capacity and a 4.8 GW pipeline in different development stages.
This complements EDPR’s footprint in the rest of the world and enhances the deployment of a portion of its USD 22 billion investment plan through 2025. In addition, this tie-up will also enable knowledge transfer from EDPR to Sunseap for the Asian market, including in wind energy while generating opportunities for collaboration in areas of energy storage and green hydrogen.
