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Sembcorp signs deal to buy PH company developing 96MW solar farm for S$105M

Mary Alavanza
By Mary Alavanza

SINGAPORE: On Friday, Jan 31, Sembcorp Industries announced that its subsidiary, Sembcorp Energy Philippines, has signed a deal to buy all shares of Puente Al Sol from CleanCurrent Renewable Energy Inc (CREI) for S$105 million.

According to The Edge Singapore, the purchase will be funded using Sembcorp’s internal cash and external borrowings.

Puente Al Sol is developing a 96MW solar farm in Cadiz, Philippines, and is set to start operations later this year. The deal is still subject to conditions, including regulatory approvals, and is expected to be completed in the second half of 2025.

This marks Sembcorp’s first step into the Philippines’ renewable energy market to expand its clean energy business in the region. Sembcorp does not expect a material impact on its earnings per share or net tangible assets for the financial year ending Dec 31, 2025.

Following the announcement, Sembcorp’s shares rose 2.76 per cent, closing at S$5.58 on Friday. /TISG

See also  Tech jobs and skills in demand for 2024: 50% hiring managers expanding their tech teams

Read also: Sembcorp teams up with Odisha government to develop green hydrogen facility that will create 2,000 jobs

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