Sembcorp Industries, which is headquartered in Singapore, is acquiring a 96-megawatt solar farm in Cadiz, Negros Occidental, signaling its entry into the Philippine renewable energy sector.
Sembcorp, through its wholly-owned subsidiary Sembcorp Energy Philippines Inc., signed a share purchase agreement (SPA) with CleanCurrent Renewable Energy Inc (CREI) to acquire 100 percent of CREI’s shares in Puente Al Sol Inc. for S$105 million (P4.5 billion).
The proposed acquisition will be funded through a mix of Sembcorp’s internal cash resources and external borrowings, the company said in a statement.
Puente Al Sol is developing the solar farm in Cadiz, which is expected to commence commercial operation later this year.
The proposed acquisition is subject to conditions precedent including regulatory approvals and is expected to be completed by the second half of 2025.
“The proposed acquisition marks Sembcorp’s entry into the Philippines’ renewable energy sector, underscoring its commitment to growing its renewables presence to drive energy transition in the region,” it said.
