Sembcorp Industries Ltd., a Singapore-based power generation project developer, is poised to expand its footprint in the local renewable energy sector through a strategic acquisition. The company announced entering into a share purchase agreement (SPA) with CleanCurrent Renewable Energy Inc. to acquire 100 percent of Puente Al Sol Inc., a company developing a 96-megawatt solar farm in Cadiz, Negros Occidental. The acquisition is valued at approximately $105 million (P4.54 billion).
The solar farm, which is expected to begin commercial operations later this year, marks Sembcorp’s first significant foray into the Philippine renewable energy market. The deal is financed by a combination of internal cash resources and external borrowings, subject to regulatory approvals and other conditions precedent, with the transaction anticipated to close in the second half this year.
“This acquisition underscores Sembcorp’s commitment to advancing renewable energy solutions and contributing to the energy transition across Southeast Asia,” the company said in its statement. While the deal is not expected to materially impact Sembcorp’s earnings per share or net tangible assets for the financial year ending 31 December 2025, it signals the company’s long-term strategic focus on growing its renewables portfolio in the region.
Sembcorp, which boasts a global energy portfolio of 25,900 MW, of which 16,500 MW comes from renewable sources, has a well-established presence in markets including the UK, China, India, and Vietnam. The company’s renewable energy assets span across wind, solar, hydropower, and energy storage systems, reinforcing its role as a key player in the global energy transition.
