Hunton Andrews Kurth Advises Banpu on the Sale of Sunseap Group for $364 Million

Hunton Andrews Kurth LLP’s Bangkok-based attorneys advised Thailand’s Banpu Public Company Limited on the divestment by its subsidiary, Banpu Infinergy Company Limited, of a 47.5% equity interest in Singapore’s Sunseap Group Pte. Ltd. for US $364 million (approximately SG$ 490 million) to EDP Renováveis SA (EDPR), a subsidiary of Portugal’s largest power utility. This divestment is part of a transaction in which EDPR will acquire majority control of Sunseap Group. The Purchase and Sale Agreement (PSA) and other transactions documents were signed in November 2021, and the transaction is expected to close within the first quarter of 2022, subject to certain conditions and approvals.

Banpu intends to utilize the expertise gained from its investment in Sunseap Group and the proceeds from this divestment to continue its strategic transition to a “greener portfolio” with the objective of achieving 5,300 MW of total power generation capacity by 2025, in large part through the expansion of its diversified clean energy flagship company, Banpu NEXT Company Limited. 

Sunseap Group is Singapore’s largest renewable solar energy solutions provider with solar roof-top, ground-mount and floating facilities and energy storage units in operation or underway in Singapore, as well as across Asia, including Cambodia, India, Malaysia, Taiwan, Thailand and Vietnam. Earlier in 2021, Sunseap Group reported an operating capacity of over 320 equity megawatts (MWe), plus shovel-ready projects under construction of an additional 700 MWe.

As international and Thai counsel, Hunton Andrews Kurth’s lawyers advised Banpu on all aspects of the divestment, including divestment strategy, structuring, and documentation and negotiation of the PSA and other transaction documents. The Hunton Andrews Kurth team was led by Bangkok-based partners Edward B. Koehler and Chumbhot (Arm) Plangtrakul with dedicated support from associates Sudarat Sattayakawee, Jitranut Narkmai and Thaphanut Vimolkej. Drew & Napier LLC provided Singapore law assistance to the team.