EDP Renewables (EDPR) which has acquired a 91 percent stake in Singapore-based solar firm Sunseap, said Thursday it plans to invest S$10 billion ($7.39 billion) by 2030, creating an industry-leading clean energy hub for the Asia Pacific (APAC) region out of Singapore.

The investments are in line with the company’s strategy for the APAC region in general, it being the world’s fastest growing renewables market accounting for 55 percent of global capacity additions this decade, with solar representing 65 percent of the growth, EDPR said in a statement.

The investment follows EDPR’s S$1.1 billion ($810 million) acquisition of Sunseap in November last year.

EDPR said that the acquisition enables EDPR to ensure a truly global reach and to address its increasing global client base, while diversifying at the same time growth sources, and allowing for exposure to additional high-quality regulatory systems and resource environments.

The acquisition will balance the synergetic potential driven from EDPR’s scale and utility scale expertise, together with Sunseap’s regional knowledge and strong DG track-record, it said.

Fully in line with this logic, it said Sunseap’s founders will be part of region’s top management team that will lead the business.

It also said EDPR and Sunseap will embark on renewable energy projects across the Asia Pacific region, specifically solar and wind projects.

There will also be opportunities for co-operation in energy storage and green hydrogen, among others, it added.

According to the statement, EDPR now has access to markets with growth in renewables of over 120 GW/year, representing approximately 75 percent of the expected global growth (2020-2030).

The closing of this transaction will allow EDPR to establish a headquarters for the Asia-Pacific region through Sunseap, with a sizeable portfolio including of close to 10 GW of renewable projects at different stages of development and an experienced team of more than 600 employees spread across 9 markets, it said.

In Singapore, it said the push to make renewable energy more accessible to homes and businesses has gained momentum with the unveiling of the Singapore Green Plan 2030, a nationwide movement that is committed to a zero-carbon future.

“Sunseap, together with EDPR’s complementary expertise, is now better equipped to drive the energy transition and mitigate climate change for the entire APAC region, fostering sustainability as a key engine for growth and green jobs and contributing to Singapore’s ecosystem of clean energy,” said Miguel Stilwell d’Andrade, Chief Executive Offier of EDPR parent firm Energias de Portugal (EDP) and EDPR.

Meanwhile, EDPR APAC Chief Operating Officer Pedro Vasconcelos said the Asia Pacific region is a strategic market for the group towards EDPR’s global positioning, with both high demand and growth potential in the renewable energy sector.

“Sunseap will undoubtedly become a key growth lever for EDP, whose presence in the region will in turn drive local economic development,” he said.

Frank Phuan, Co-Founder of Sunseap, said: “This is a significant milestone for Sunseap and for everyone who has helped us build a billion-dollar company with the singular mission of decarbonising and bringing affordable clean energy to everyone.”

“With EDPR’s financial muscle and expertise in renewables, Sunseap will be able to accelerate growth plans and revolutionise the energy landscape in the region, as well as nurture the next generation of talents in the industry,” he added.

Portugal’s EDP Renewables acquires 87.4% stake in Singapore’s Sunseap for $697M