Solar panels seen at Xuân Thiện Thuận Bắc solar plant in Ninh Thuận Province. — Photo provided by the agency

HÀ NỘI — EDPR Sunseap has completed a US$284 million deal with Xuân Thiện Group, paving the way for its expansion in Việt Nam, the company announced on Monday. 

The latest acquisition is the largest utility-scale solar investment for the company which is the Asia Pacific hub for the world’s fourth largest renewable energy firm - EDP Renewables. 

The deal is the first step in establishing a long-term relationship between Xuân Thiện Group and EDPR Sunseap to jointly explore opportunities in the region, according to EDPR Sunseap. 

EDPR Sunseap Executive Chairman Pedro Vasconcelos, who is also EDPR’s APAC Chief Operating Officer, said: “The deal will help to accelerate the energy transition in Việt Nam and the surrounding countries and EDPR Sunseap is committed to bringing in global know-how and leveraging Singapore’s strengths as a regional business hub to achieve our mission of creating a decarbonised and electrified world through clean, affordable and reliable energy.”

With this transaction, EDPR Sunseap doubles its operational capacity in Việt Nam, strengthening its presence in the APAC region. This reinforces the integration of Sunseap into EDPR in February 2022. This is part of its vision to lead the energy transition in Singapore and the rest of the region, with the aim of managing beyond 2 gigawatts (GW) of installed capacity by 2025.

Xuân Thiện Group is one of the main renewable energy developers in Việt Nam and its two solar PV projects total 255 MWp under a 20-year Power Purchasing Agreement priced at $93.5/MWh.

Meanwhile, EDPR Sunseap APAC is a solar energy system developer, owner, and operator in Singapore, with a pipeline of close to 10 GWac of solar energy projects across Asia. Its solar energy systems are projected to be installed on more than 3,000 buildings in the Asia Pacific region, including public housing estates, as well as commercial and industrial buildings. — VNS