With the completion of the acquisition of the majority shares in three GELEX Group Joint Stock Company subsidiaries, Sembcorp Industries (Sembcorp) has significantly increased its presence in the renewable energy sector in Vietnam. With the completion of the acquisitions by its subsidiary Sembcorp Solar Vietnam Pte Ltd, Sembcorp’s portfolio now includes 196MW of operational wind and solar assets.
Sembcorp will also purchase a 73% share in another GELEX subsidiary that possesses a 49MW hydropower asset, in addition to these acquisitions. With regulatory approvals still pending, this transaction is anticipated to close in the second half of 2024 and will increase Sembcorp’s renewable energy capacity in Vietnam.
Sembcorp’s gross renewable energy capacity in Vietnam is expected to increase to 455MW upon completion of the entire acquisition, adding to the Group’s total renewable energy capacity of 14.4GW.
The expansion strengthens Sembcorp’s position as a top supplier of sustainable energy and demonstrates its dedication to growing its renewable energy presence in important markets.
Sembcorp will promptly furnish updates on the procurement of the 49MW hydropower asset upon the fulfillment of regulatory milestones.
