Banpu Public Company Limited (BANPU) revealed that on November 2, 2021, BPIN Investment Co., Ltd. (BPINI), a subsidiary of Banpu NEXT Company Limited (Banpu NEXT) (the Company and Plc. Banpu Power (BPP), which owns an equal 50% stake in Banpu NEXT, has signed a purchase and sale agreement to sell all of its 47.5% stake in Singapore-registered Sunseap Group Pte, Ltd. (Sunseap). to EDP Renovaveis SA (EDPR), a renewable energy company. Listed in Spain and listed on the Euronext Lisbon stock exchange of Portugal.
The divestment of BPINI’s Sunseap shares forms part of the acquisition of a majority stake in Sunseap by EDPR. Under the said sale, the total disposition of investment by BPINI is valued at S$489.8 million. or equivalent to $364 million (equivalent to approximately 12,154 million baht)
However, the purchase will be valid when the conditions specified in the contract are met. It is expected to be completed within the first quarter of 2022.
At the beginning of the year, Sunseap had a production capacity in proportion to its investment. Of the total 320 megawatts of power plants in operation, more than half of these power plants are located in Singapore. There are also more than 700 megawatts of projects under construction and development, spread across different countries.
BPINI made its initial investment in Sunseap in 2017 and has made additional investments in 2018 and 2020 to support Sunseap’s investment approach to growth. As of June 30, 2021, BPINI reported a total investment in Sunseap of S$236.6 million. or equivalent to USD 177.3 million (equivalent to approximately 5,569 million baht). Such shares are considered part of the investment management (Portfolio Rationalization).
The Company will use the proceeds from the sale to invest in the clean energy business in order to grow according to the Greener & Smarter strategy with a strong financial structure. The company Continuing to build sustainable growth to achieve the 6,100 megawatt capacity target by 2025
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