The proposed deal’s total consideration is about S$105 million and is expected to be completed in H2 2025
SEMBCORP Industries announced in a bourse filing on Friday (Jan 31) that its wholly owned subsidiary has signed a share purchase agreement with CleanCurrent Renewable Energy in the Philippines for a 100 per cent stake in Puente Al Sol.
The proposed acquisition’s total consideration is about S$105 million, and will be funded via Sembcorp’s internal cash and borrowings. The proposed acquisition will mark the company’s entry into the renewable energy sector in the Philippines.
Puente Al Sol is developing a 96-megawatt solar farm in Cadiz, the Philippines. The farm will commence commercial operation later this year.
The proposed acquisition is subject to conditions, including regulatory approvals, and is expected to be completed in the second half of 2025.
The agreement is not expected to have a material impact on Sembcorp’s earnings per share or net tangible assets per share for the financial year ending Dec 31, 2025.
Shares of Sembcorp closed up 2.8 per cent or S$0.15 at S$5.58 on Friday.
Copyright SPH Media. All rights reserved.
