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Sembcorp Industries expands Southeast Asia footprint with latest entry into the Philippine market. (Photo: Sembcorp)
Sembcorp Industries announced on Jan. 31 that it has acquired 100% of the shares in Puente Al Sol for a total of SGD 105 million (about USD 77.6 million), marking its strategic entry into the highly competitive solar energy market in the Philippines. This move is part of Sembcorp’s ongoing expansion in the Southeast Asian renewable energy sector.
Sembcorp acquires Puente Al Sol to expand solar presence
According to the statement, Sembcorp’s wholly owned subsidiary, Sembcorp Energy Philippines, signed a share purchase agreement (SPA) with Clean Current Renewable Energy, Inc. (CREI). The transaction will be funded through a combination of internal cash and external loans, with the deal expected to close in the second half of 2025.
Puente Al Sol focuses on solar power and is developing a 96 MW solar installation in Cadiz City, Negros Occidental, Philippines. The project is in its final stages and is expected to commence commercial operations this year, meeting the growing renewable energy demand in the region.
Driven by the Renewable Portfolio Standards (RPS) and the Green Energy Auction Program (GEAP) policies, the Philippines is accelerating the development of renewable energy. Major energy players in the country, including Aboitiz Power, Meralco, and Ayala Corp’s energy subsidiary ACEN, are rapidly expanding their solar capacities. Sembcorp’s entry will further intensify competition in this emerging market.
Sembcorp actively expands footprints in Southeast Asia
In January 2025, Sembcorp partnered with Indonesia's state electricity company PLN to complete a large solar project, which includes an integrated energy storage system. This project, located in Nusantara, the new capital of Indonesia, is the first of its kind in the region to meet utility-scale standards, with a solar capacity of 50 MW and 14.2 MWh of storage capacity.
The joint solar energy project between Sembcorp and PLN is the first utility-scale collaboration of its kind in Indonesia's new capital, Nusantara. (Photo: Sembcorp)
In Vietnam, Sembcorp is expected to complete a hydroelectric acquisition in the first half of 2025. When finalized, along with its previous wind and solar projects in the country, Sembcorp’s total renewable energy capacity in Vietnam will reach 455 MW.
Furthermore, in December 2024, Sembcorp secured a contract with India’s Solar Energy Corporation of India (SECI), comprising a 150 MW solar project and a 300 MWh energy storage system. This will be Sembcorp’s first integrated solar and storage project in India, and upon completion, Sembcorp’s total renewable energy capacity in India will reach 6 GW.
Source: Sembcorp, Power Philippines, The Asset, The Investor
