NEWS RELEASE / November 4, 2021

Banpu divests stake in Sunseap for S$469 million

Congratulations to our longtime client Banpu on their divestment of a 47.5% stake in Singapore-based solar energy group Sunseap. Banpu’s shareholding has been sold to EDP Renewables, a subsidiary of Portugal’s biggest power utility, for US$347 million(c.S$469 million).

Banpu intends to capitalize on the learning curve from the investment in Sunseap to redeploy both expertise and freed-up capital into a rapid expansion of their clean energy flagship company, Banpu NEXT. Banpu NEXT’s current projects comprise renewables, batteries, electricity trading, smart cities, and e-mobility, including Thailand’s first e-ferry.

AWR Lloyd has been strategic advisor to Banpu in their sustainability transformation and the transaction to divest the Sunseap stake.

Source: Reuter (3 Nov 2021), https://www.reuters.com/business/cop/edp-renewables-buys-majority-stake-sunseap-values-firm-816-mln-2021-11-03/