EDP Renewables Acquires 200 MW Solar Projects in Vietnam

EDP Renewables, a renewable energy power producer, agreed with Xuan Thien Group, a solar developer, to acquire two solar PV projects totaling 200 MW in Vietnam.

The projects started operation in 2020 under a 20-year PPA at $93.5/MWh and are located in the Thuan Bac district. The transaction forms a long-term relationship between the companies and helps EDPR expand its growth in the APAC region.

Hyperion Investment Advisory Limited acted as the advisor for the Xuan Thien.

In November 2021, EDP Renewables (EDPR), a Spain-based renewable energy company, acquired a majority stake in Singapore-based solar energy company Sunseap. The deal values Sunseap at $815.18 million. Earlier in 2021, the company had announced its plans to double its solar and wind energy generation capacity by 2025.

With this transaction, EDPR doubled its operational capacity in Vietnam, where it entered this market in 2021.

An EDPR Sunseap APAC spokesperson commented, “EDPR wants to be a key player in the region’s transformative journey towards clean energy, which will allow economies to grow strongly while keeping at bay the problems of pollution and carbon emissions.”

Alternus Energy, an independent renewable power producer, has recently signed an agreement to acquire 184 MW of solar PV projects in Poland. The projects range from 1 – 10 MW in size, and the majority have Government-backed offtake contracts already in place.

According to Mercom’s Q1 solar Funding and M&A report, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021. Large-scale solar project acquisitions in Q1 2022 were the second-highest recorded to date.