EDP Renewables APAC

About EDP Renewables APAC

EDP Renewables APAC, formerly known as Sunseap Group, operates as a significant solar energy player in the Asia-Pacific region. The company was co-founded as Sunseap Leasing in 2011 by Frank Phuan and Lawrence Wu, who were university mates. Phuan brought deep technical expertise from his family's solar business, which started in 1979, while Wu contributed a strong background in corporate finance and investment banking from his time at firms like DBS Bank and Macquarie. Their synergistic partnership was built on a shared vision to provide solar energy as a service, moving downstream from the traditional manufacturing model.

The company's formation was a strategic pivot from the solar panel manufacturing business Phuan's father started. Facing intense competition from Chinese manufacturers, Phuan and Wu identified an opportunity in Singapore's unsubsidized electricity market to offer a new model. They pioneered the Solar Power Purchase Agreement (PPA) in Singapore, a model where the company finances, installs, owns, and operates solar systems on clients' rooftops at no upfront cost. Customers then purchase the generated solar energy at rates often lower than traditional electricity tariffs, securing immediate savings over a contract period of 10-25 years. This approach removes the capital expenditure barrier for clients and entrusts all operational and maintenance risks to EDP Renewables APAC.

A major milestone occurred in February 2022 when the Portuguese renewable energy giant, EDP Renewables (EDPR), acquired a 91% stake in Sunseap in a deal valued at S$1.1 billion, leading to its rebranding. This acquisition established a Singapore-based headquarters for EDPR's Asia-Pacific operations, with plans to invest S$10 billion in the region by 2030. The founders, Phuan and Wu, remained with the company to lead the regional business. EDP Renewables APAC serves a diverse client base, including commercial, industrial, residential, and government sectors. The firm has deployed solar solutions on over 3,000 buildings in Singapore and has worked with prominent clients like Apple, Microsoft, Jurong Port, and Singapore's Housing and Development Board (HDB). Beyond rooftop installations, its portfolio includes ground-mounted solar farms, large-scale floating solar projects, and energy storage systems. The business now operates across nine markets in the Asia-Pacific, including China, Japan, Vietnam, and Australia.