Singapore-based Sembcorp Industries has made a strategic move to expand its renewable energy footprint [1] in Southeast Asia by entering the Philippine market. Through its wholly-owned subsidiary, Sembcorp Energy Philippines, the company has acquired Puente Al Sol Inc., a solar project developer, for approximately S$105 million. The acquisition will be funded through a combination of internal cash generation and external borrowings.
Puente Al Sol is currently developing a 96-megawatt (MW) solar farm in Cadiz, Negros Occidental. The project is nearing completion and is expected
to commence commercial operations later this year. This acquisition positions Sembcorp in the highly competitive Philippine renewable energy market, where it will compete with key players like ACEN, AboitizPower, and Meralco PowerGen.
The move aligns with the Philippines’ Renewable Portfolio Standards (RPS) and Green Energy Auction Programs (GEAP), which aim to accelerate renewable energy development. By entering the market now, Sembcorp is laying the groundwork to compete for future solar, wind, and hybrid energy projects, leveraging its global expertise against both domestic and international energy giants.
Sources:
[1] Sembcorp enters Philippine renewable energy race with solar investment https://reccessary.com/en/news/ph-market/sembcorp-expands-solar-footprint-philippines