EDP Renewables has reached an agreement to purchase an 87.4% stake in Singapore’s Sunseap, which it said is the largest distributed solar player in South East Asia for €0.6bn ($0.69bn).

The Iberian green energy giant, a unit of Portuguese utility EDP, has an option to upsize its stake to 91.4% between signing and closing of the deal.

“The strategy and vision of Sunseap is a perfect fit to EDP's leading role within the ongoing energy transition and its local knowledge and track-record in the Asia Pacific region, together with EDPR's scale and technological expertise, will enable us to fully tap the potential of such markets,” EDP chief executive Miguel Stilwell d’Andrade said.