EDPR Sunseap finishes takeover of $284 mln Vietnam solar projects

By Tuong Thuy
Mon, September 19, 2022 | 4:37 pm GTM+7

Singapore-headquartered clean energy provider EDPR Sunseap has concluded its $284 million acquisition of two solar power projects in Ninh Thuan province, doubling its operational capacity in Vietnam.

The transaction is the first step in establishing a long-term relationship between EDPR Sunseap, an arm of Portuguese renewables giant EDPR, and Ninh Binh-based Xuan Thien Group to jointly explore opportunities in Vietnam, EDPR Sunseap said in a release Monday.

"The deal will help accelerate the energy transition in Vietnam and the surrounding countries. 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 decarbonized and electrified world through clean, affordable and reliable energy,” EDPR Sunseap executive chairman Pedro Vasconcelos said.

The two solar projects, Xuan Thien Xuan Bac 1 and 2 in the south-central coastal province of Ninh Thuan, total 255 megawatts-peak under a 20-year power purchasing agreement priced at $93.5 per megawatt-hour with the country’s state utility Vietnam Electricity, or EVN.

Xuan Thien Xuan Bac 1 and 2 solar farms in Ninh Thuan province, south-central Vietnam. Photo courtesy of Xuan Thien Group.

Xuan Thien Xuan Bac 1 and 2 solar farms in Ninh Thuan province, south-central Vietnam. Photo courtesy of Xuan Thien Group.

The transaction, EDPR Sunseap’s largest solar power investment worldwide to date, helps strengthen its presence in the Asia-Pacific region.

EDPR Sunseap was previously known as Sunseap Group before EDP Renewables (EDPR) bought a 91% stake in January this year for $1.1 billion. The integration of Sunseap into EDPR is driving EDPR Sunseap to initiate more projects across the region.

EDPR Sunseap said in the release that it plans to expand the capacity for its renewable projects in Asia-Pacific to more than 2 gigawatts by 2025, up from its current 0.7 GW.

EDPR, the world’s fourth-largest renewable energy producer, is owned by Energias de Portugal, the biggest utility firm in Portugal.

Comments (0)
  • Read More
Unemployment hits 2.28% in Q3, lowest in 2 years

Unemployment hits 2.28% in Q3, lowest in 2 years

Vietnam's unemployment rate dropped by 1.7 percentage points year-on-year to 2.28% in the third quarter, the lowest since 2020.

Economy - Fri, September 30, 2022 | 11:38 am GTM+7

Looking up HCMC’s highest high-end homes

Looking up HCMC’s highest high-end homes

Housing projects like The River Thu Thiem, Lumière Riverside, Grand Marina Saigon, and The Opera Residence are home to the most expensive penthouses in Ho Chi Minh City.

Real Estate - Fri, September 30, 2022 | 9:36 am GTM+7

US dollar scales record high peak of VND24,000

US dollar scales record high peak of VND24,000

The exchange rate at Vietnamese commercial banks crossed VND24,000 per dollar Thursday, reaching a new peak that it had not scaled before.

Banking - Thu, September 29, 2022 | 9:45 pm GTM+7

Proptech firm Levitate makes its debut in Vietnam

Proptech firm Levitate makes its debut in Vietnam

Singapore-headquartered housing development platform Levitate has made Vietnam its debut market, giving consumers in the country more creative input when buying their own home.

Real Estate - Thu, September 29, 2022 | 9:19 pm GTM+7

VN-Index drops for fifth consecutive day despite strong economic data

VN-Index drops for fifth consecutive day despite strong economic data

Vietnam’s benchmark VN-Index dropped 17.55 points Thursday to 1,126.07, despite newly-released data showing the country’s nine-month GDP growth hitting 8.83%, a record high in 12 years.

Finance - Thu, September 29, 2022 | 5:18 pm GTM+7

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.

Industries - Thu, September 29, 2022 | 4:28 pm GTM+7

Four major markets spend $27 billion importing phones, components from Vietnam

Four major markets spend $27 billion importing phones, components from Vietnam

The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.

Economy - Thu, September 29, 2022 | 4:06 pm GTM+7

Hai Phong aims to attract $15 billion in FDI for 2020-2025

Hai Phong aims to attract $15 billion in FDI for 2020-2025

The northern port city of Hai Phong seeks to build 15 more industrial parks totaling 6,200 hectares to attract $15 billion in foreign direct investment in 2020-2025.

Industries - Thu, September 29, 2022 | 3:13 pm GTM+7

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.

Industries - Thu, September 29, 2022 | 2:27 pm GTM+7

Ministry proposes inclusion of five coal-fired projects in new power plan

Ministry proposes inclusion of five coal-fired projects in new power plan

The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.

Energy - Thu, September 29, 2022 | 1:16 pm GTM+7

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.

Economy - Thu, September 29, 2022 | 12:19 pm GTM+7

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.

Industries - Thu, September 29, 2022 | 11:05 am GTM+7

Tokyo Gas, Kyuden Group ink LNG power project pact

Tokyo Gas, Kyuden Group ink LNG power project pact

Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.

Energy - Thu, September 29, 2022 | 6:30 am GTM+7

VN-Index plunges to 19-month low amid broad selloffs

VN-Index plunges to 19-month low amid broad selloffs

Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.

Finance - Wed, September 28, 2022 | 6:05 pm GTM+7

Deputy foreign minister fired in pandemic repatriation scam

Deputy foreign minister fired in pandemic repatriation scam

Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.

Politics - Wed, September 28, 2022 | 5:21 pm GTM+7

'Big 4' banks increase deposit rate

'Big 4' banks increase deposit rate

Biggest Vietnamese lenders Vietcombank, VietinBank, and Agribank have hiked their deposit interest rates by over one percentage point, after the central bank raised the deposit rate ceiling last week.

Banking - Wed, September 28, 2022 | 4:54 pm GTM+7