In a bold move to expand its renewable energy footprint in the region, Singapore-headquartered Sembcorp Industries (Sembcorp) said it has acquired ownership of Puente Al Sol, Inc. through its wholly-owned subsidiary Sembcorp Energy Philippines,Inc.
The company, in a statement published in its website, said Sembcorp Energy Philippines has entered into a share purchase agreement (SPA) with CleanCurrent Renewable EnergyInc (CREI), acquiring the latter’s 100% stake in Puente Al Sol for approximately S$105 million.
Sembcorp said the acquisition will be funded through internal cash generation and external borrowings.
It added the Proposed Acquisition is subject to conditions precedent including regulatory approvals and is expected to be completed by the second half of 2025.
Puente Al Sol is developing a 96-megawatt solar farm in Cadiz, Negros Occidental. The project, which is nearing completion and set to begin commercial operations later this year, is expected to help meet the country’s rising demand for renewable energy.
The acquisition of Puente Al Sol Inc. positions Sembcorp in the fast-growing and highly competitive Philippine renewable energy market, where key players like ACEN, AboitizPower, and Meralco PowerGen are rapidly expanding their solar portfolios.
The move comes as developers race to secure prime renewable energy assets to meet the country’s Renewable Portfolio Standards (RPS) and participate in government-led Green Energy Auction Programs (GEAP).
By entering the Philippines 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.
Stay updated on SembCorp’s plans and projects in the Philippines by engaging in powerful discussions at Power Philippines.
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