The projects are located at the Thuan Bac District of Vietnam, having started operations in 2020 under a 20-year PPA at US$93.5/MWh.

This transaction is expected to establish a long-term relationship between Xuan Thien Group and EDPR to jointly explore additional opportunities in the region contributing to accelerate EDPR growth prospects in APAC.

With this transaction, EDPR doubles its operational capacity in Vietnam, strengthening its presence in the APAC region, a market where it entered in 2021 and has been since reinforced with the integration of Sunseap in February 2022.

The transaction is subject to regulatory and other customary precedent conditions. Hyperion Investment Advisory Limited was Xuan Thien's advisor in the transaction.

EDPR completed its S$1.1 billion acquisition of Sunseap Group earlier this year, establishing a clean energy hub for the Asia Pacific region that is headquartered in Singapore. EDPR expects to invest up to S$10 billion in the region by 2030.

An EDPR Sunseap APAC spokesperson added: “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.”

PV