The world’s fourth-largest renewables provider EDP Renewables is pivoting to more mature markets in Asia Pacific, leading to job cuts in its regional headquarters of Singapore, Eco-Business can reveal.
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When EDPR Renewables APAC was established following the acquisition of Singapore-based solar firm Sunseap in 2022, its chief executive Pedro Vasconcelos revealed plans to nearly double the firm’s headcount from some 450 employees in the city-state to serve countries like China, Vietnam and Indonesia.
The clean energy provider also targeted to grow its capacity in Asia to over 2 gigawatts (GW) by 2025. As end-December 2024, it has reached 1.6 GW-peak of committed capacity, which includes the tender it won to build Singapore’s largest solar project under the SolarNova programme last February.
While EDP Renewables APAC did not specify how many people have been affected by the restructuring, a spokesperson told Eco-Business that it continues to grow its renewables portfolio across the region and is “shifting roles and capacity towards high-growth markets, with a particular focus on Japan, Australia and Taiwan”.
According to sources familiar with the restructure, 44 people were let go from the Singapore office across various functions including finance and business development. EDPR did not confirm the details.
The firm also has a presence in Indonesia, South Korea, Malaysia and Vietnam.
Last month, Equator Renewables Asia – a spin-off from EDP Renewables APAC – pledged to invest US$22 billion in Indonesia’s Green Economy Corridor in the Riau Islands, alongside other power developers Keppel, Vanda RE and Gurin Energy. Listed as one of the Indonesian president’s 77 national strategic projects, the plan involves the construction of large-scale solar power plants in Batam, Bintan and Tanjung Pinang to supply clean energy to Singapore.
According to Equator Renewables Asia’s website, the newly incorporated firm will be fronted by Frank Phuan, who has been on EDP Renewables APAC’s management team since Sunseap, which he co-founded, was acquired.
EDP Renewables APAC said that it “[anticipates] ending the year with a workforce size similar to where [it] started”, after accounting for increased hiring for delivery roles in Australia and Japan and the relocation of some functions to Malaysia. “This move aligns with EDP’s global organisational structure and aims to improve overall operational efficiency.”
For affected employees, the firm will be offering a “career transition package” that includes severance pay, career coaching and resuming writing support, to “ensure they are well-equipped for their next career move,” stated its spokesperson. In addition, mental well-being support will be made available to them.
In the first quarter of 2025, EDP Renewables – the clean energy arm of Portugal’s largest utility – reported a 24 per cent fall in net profit, despite strong revenue growth.
The firm’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) in APAC decreased to €11 million (US$12.6 million) in the same period, which the firm attributed to “lower cash collection from feed-in-tariffs in Vietnam… related to ongoing discussions regarding the current renewables regulated regime in Vietnam.”
In 2023, the Vietnam government initiated a review of its feed-in-tariffs, a policy that incentivises investment in renewable energy by providing a fixed price for each unit of power fed into the grid. The possible end of its favourable tariffs promised to solar and wind projects has sparked off bankruptcy concerns among industry players, who filed a petition urging the state to retract the review in March.
Additional reporting by Robin Hicks.
