Sembcorp Industries Expands Renewable Energy Portfolio in Vietnam with Major Acquisitions, Boosting Capacity to 455MW

Sembcorp Industries (Sembcorp) has finalized the acquisition of majority stakes in three subsidiaries of GELEX Group Joint Stock Company, marking a significant expansion in its renewable energy footprint in Vietnam. The acquisitions, completed by its subsidiary Sembcorp Solar Vietnam Pte Ltd, add a total of 196MW of operational wind and solar assets to Sembcorp’s portfolio.

In addition to these acquisitions, Sembcorp will acquire a 73% stake in another GELEX subsidiary, which owns a 49MW hydropower asset. This transaction, expected to be completed in the second half of 2024 pending regulatory approvals, will further bolster Sembcorp’s renewable energy capacity in Vietnam.

Upon completion of the entire acquisition, Sembcorp’s gross renewable energy capacity in Vietnam is set to rise to 455MW, contributing to the Group’s broader renewable energy capacity of 14.4GW.

The expansion underscores Sembcorp’s commitment to enhancing its renewable energy presence in key markets, reinforcing its position as a leading sustainable energy provider.

For further updates on the acquisition of the 49MW hydropower asset, Sembcorp will provide timely information as regulatory milestones are met.