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Sembcorp expands clean energy footprint in Vietnam
New acquisitions to raise group’s gross renewables capacity to 14.4GW
Sao Da Jr 19 Jun 2024

Singapore’s Sembcorp Industries has completed the acquisition of majority interests in three of the four subsidiaries of Hanoi-based Gelex Group to grow its renewables assets in Vietnam.

Ho Chi Minh City-based Sembcorp Solar Vietnam, a wholly owned subsidiary, added a combined 196 megawatts of operational wind and solar assets to its portfolio.

Sembcorp will also acquire a 73% stake in a Gelex subsidiary that owns a 49MW hydropower asset, a deal that is expected to be completed in the second half of this year, subject to regulatory approvals.

Upon completion of the entire acquisition, Sembcorp’s gross renewable energy capacity in Vietnam will reach 455MW while the whole Singaporean group’s gross renewable energy capacity will be 14.4GW.

Sembcorp said last November it would spend a maximum of S$218 million (US$160.3 million) acquiring majority interests ranging from 73% to 100% in Gelex, with the electricity portfolio encompassing operational wind, solar and hydropower assets.

The Singaporean group and Gelex would continue exploring opportunities in renewable energy in Vietnam, which aims to achieve carbon neutrality by 2050 by boosting investments in renewables and green production, while  promoting a circular economy.

Aside from energy, Gelex is also involved in industrial production, infrastructure development, water supply, real estate, and building materials.

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