EDP Renewables (Euronext: EDPR), the world’s fourth-largest renewable energy producer, has reached an agreement with Xuan Thien Group to acquire two solar PV projects totalling 200 MWac.

The projects are located in Ninh Thuan Province's Thuan Bac District, having started operations in 2020 under a 20-year power purchase agreement with Vietnam Electricity at US$93.5/MWh.

This transaction is expected to establish a long-term relationship between Xuan Thien Group, one of the main developers in Viet Nam, and EDPR to jointly explore additional opportunities in the region contributing to accelerating EDPR growth prospects in APAC, said EDPR in a statement.

With this transaction, EDPR doubles its operational capacity in Viet Nam, strengthening its presence in the APAC region, a market that 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.

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.

“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,” an EDPR Sunseap APAC spokesperson said. — VNS