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    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

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Real-time Euronext Lisbonne  -  06:55 2022-08-15 am EDT
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Portugal's EDP betting on floating solar farms in Southeast Asia

07/01/2022 | 04:41am EDT

LISBON, July 1 (Reuters) - Portugal's main utility EDP will scale up its offshore floating solar farms in Southeast Asia, hoping to get a big slice of the 16 gigawatts of photovoltaic power the region is expected to install on rivers and seas by 2030.

CEO Miguel Stilwell said on Friday the first of these farms, with a capacity of 5 megawatts, launched last year in Singapore by its unit Sunseap, Southeast Asia's fourth-largest solar operator, showed "positive and encouraging results".

"EDP sees this new technology as a good trigger for its expansion in Southeast Asia, and is already evaluating and developing other projects there," Stilwell told Reuters on the sidelines of the U.N. Ocean Conference in Lisbon.

The Singapore park, the size of five soccer pitches with 13,300 solar panels and 30,000 floats, produced 6.1 GW/hour, enough to power 1,250 homes, in its first year of operation which ended in March, he said.

EDP's wind power unit EDP Renovaveis bought Sunseap in December to access fast-growing renewable energy markets in Asia-Pacific, where it plans to invest S$10 billion ($7.19 billion) by 2030.

Sunseap's portfolio had 5.5 GW of projects at different stages of development in nine markets: Cambodia, China, Indonesia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam.

Oslo-based consultancy Rynstad Energy said in October that Southeast Asia could become the world's largest floating solar market, especially on rivers and dams.

While only 341 MW was under construction or operating in the region, capacity being lined up would allow it to reach 6.6 GW in 2025 and 16 GW in 2030, Rynstad said.

"I think we can capture an important, large slice of that 16 GW forecast by 2030 with offshore floating solar farms," Stilwell said, explaining that the seas in Southeast Asia are much calmer than in other regions and its many islands protect the parks from swell.

EDP recently launched Europe's largest floating solar park on a dam in southern Portugal.

(Reporting by Sergio Goncalves; editing by Andrei Khalip and Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. 1.61% 5.04 Real-time Quote.2.65%
EDP RENOVÁVEIS, S.A. 1.88% 25.99 Real-time Quote.16.48%
MSCI SINGAPORE (GDTR) -0.17% 5868.22 Real-time Quote.-6.53%
MSCI TAIWAN (STRD) 0.39% 568.275 Real-time Quote.-23.73%
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Financials
Sales 2022 16 927 M 17 356 M 17 356 M
Net income 2022 863 M 885 M 885 M
Net Debt 2022 14 091 M 14 448 M 14 448 M
P/E ratio 2022 23,2x
Yield 2022 3,86%
Capitalization 19 577 M 20 073 M 20 073 M
EV / Sales 2022 1,99x
EV / Sales 2023 2,05x
Nbr of Employees 12 907
Free-Float 66,0%
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Number of Analysts 22
Last Close Price 4,96 €
Average target price 5,81 €
Spread / Average Target 17,1%
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Managers and Directors
Miguel Stilwell de Andrade Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer
João Luís Ramalho de Carvalho Talone Chairman-Supervisory Board
Rita Sousa Head-Compliance
Fernando Maria Masaveu Herrero Member-Supervisory Board
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