In a statement, EDP said the transaction doubled its operational capacity in Vietnam and strengthened its presence in the region, following its entry in 2021 and integration of Sunseap in February 2022.
“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,” it said.
The acquired projects, which started operations in 2020 under a 20-year power purchase agreement at $93.5 per MW-hour, are located in the Thuan Bac district in Vietnam.
EDP noted that the transaction is subject to regulatory and other customary precedent conditions.
The company acquired Sunseap Group for $1.1b to establish a clean energy hub in the region. It plans to invest up to $10b by 2030.