The power producer is set to pay $695m for 87.4% of solar project operator Sunseap, which counts Banpu, Shell, IsoTeam and Chow Tai Fook as investors.

Energy utility EDP agreed yesterday to acquire an 87.4% stake in Sunseap, a Singapore-headquartered solar power provider backed by corporates Shell, IsoTeam, Chow Tai Fook Enterprises and Banpu, for €600m ($695m).

Sunseap operates a network of solar power plants across Singapore, China, Japan, Malaysia, Indonesia, Thailand, Cambodia, Vietnam and Taiwan. It has a 540 MW portfolio of projects which have been completed or which are being built, and a pipeline totalling nearly 5 GW.

The transaction is being conducted by EDP’s renewable energy subsidiary, EDP Renováveis (EDPR), and will give it an expanded presence in the Asia Pacific region as well as the option to increase its stake to 91.4% before the deal closes.

Sunseap had disclosed approximately $368m in funding as of February 2020, when energy utility Banpu provided $72m for a round that also featured Temasek and ABC World Asia, bringing its series D funding to $146m.

The company had previously closed at least $60.8m in series C funding from Banpu, building maintenance provider IsoTeam and Shell Ventures, the subsidiary of oil and gas supplier Shell then known as Shell Technology Ventures, in 2017.

Conglomerate Chow Tai Fook had participated in Sunseap’s $55.6m series B round in 2015 together with Trirec and Enspire Apus Investments, while its earlier backers include Goldman Sachs and DBS Bank.