RPRE is a family business that pivoted to renewable energy in 2018, installing solar in remote parts of Indonesia.
Sunseap was acquired by European firm EDPR Renewables, the world’s fourth largest renewable energy producer, in February. Singapore now serves as the Asia Pacific hub for EDPR.
The company will focus on growing the business in Indonesia, a country under pressure to build-out clean energy capacity to meet a climate goal of net-zero emissions by 2060.
The acquisition comes at a period of brisk growth for renewables mergers in the region.
The deal volume for renewable energy assets in Asia more than tripled last year, to US$13.6 billion, as the number of transactions jumped by 53 per cent year-on-year. Two-thirds of deals were in the solar sector.