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(Bloomberg) — EDP Renewables SA is shifting its focus within Asia-Pacific toward “high-growth markets” such as Japan, Australia and Taiwan, a spokesperson said in a statement.
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The green energy unit of Portuguese utility EDP SA wants to “optimize EDP’s portfolio in the region by focusing on markets with strong fundamentals for renewables,” the spokesperson said. They added that there was “recognized uncertainty in the sector.”
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Its regional hub will remain in Singapore but some functions will be relocated to Malaysia for “operational efficiencies,” the spokesperson said without providing any figures.
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The move comes as Southeast Asia, a high-emitting region, struggles to shake its dependence on fossil fuels and keep pace with the renewables rollout seen in other parts of the world. With about a fifth of its power coming from renewables, the region is set to miss its target of deriving 23% from clean sources by this year.
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Last year the utility said it would cut its number of growth markets to focus on key locations such as Europe and the US and prioritize high-growth markets in South America and the Asia-Pacific region. EDP said in February it would reduce its pace of investment through 2026, with spending on wind and solar projects to be focused on low-risk markets.
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In Europe, EDP said in a separate statement that it decided to reorganize its activities in Spain’s decentralized solar sector to focus on the business segment, in response to market changes and contraction in the residential solar market since 2022. El Confidencial reported the decision earlier. EDP said it remains committed to its growth strategy in renewables and grids in Spain.
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Meanwhile in Greece, EDP said it currently has an ongoing operation to sell part of its portfolio of assets in the country, in line with the company’s so-called asset rotation strategy. No final decision on the process has been made, EDP said in the statement.
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—With assistance from Joao Lima.
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(Adds comments on operations in Europe from sixth paragraph.)
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