Singapore Wealth Fund Invests €1 Billion in Renewable Energy Firm

Singapore sovereign wealth fund GIC is investing one billion euros for an undisclosed stake in Spanish renewable energy firm EDP Renewables (EDPR).

In a statement, the Madrid-based renewables company said 40% of GIC’s investment will be used for onshore wind energy plants and another 40% for solar utility-scale facilities that generate solar power fed into the power grid. The balance 20% will be spent on electricity networks.

EDPR is planning €20 billion in investments to double its capacity of wind and other renewable projects by 2026.

Miguel Stilwell de Andrade, CEO of EDP, said that the GIC investment would allow EDPR to essentially accelerate growth even more.

Commenting on the move, Ang Eng Seng, CIO of infrastructure at GIC, said: “We are very pleased with this anchor investment to fund EDPR’s considerable growth plan in renewables globally.

“This aligns with GIC’s commitment to enable the global transition to a net-zero economy, given the key role played by renewables.”

Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, JP Morgan SE and Morgan Stanley Europe SE are acting as Joint Global Coordinators and Joint Bookrunners in relation to the Capital Increase. N.M. Rothschild & Sons Limited is acting as Financial Adviser in relation to the Capital Increase.

#renewables #EDPR #GIC #solar