In a bourse filing on New Year’s Eve, utility and energy company Sembcorp Industries has announced that its acquisition of Puente Al Sol has been delayed, “pending certain conditions precedent to be fulfilled”.
Puente Al Sol is a company developing a 96 MW solar farm in Cadiz, Philippines. Sembcorp announced in January 2025 that it was expanding into the Filipino renewable energy market by purchasing Puente Al Sol for $105 million from CleanCurrent Renewable Energy Inc.
The deal was to be funded from a mixture of borrowings and Sembcorp’s cash holdings.
Sembcorp aims to achieve 25 GW of renewables capacity in its energy portfolio by 2028. To this end, not only is it developing its own assets, it has also been on a buying spree. Recently, it announced that it had signed an agreement to purchase Australia’s Alinta Energy from Hong Kong’s Chow Tai Fook Enterprises for an enterprise value of $5.6 million as well as completing its acquisition of Indian solar operator ReNew Sun Bright for $246 million.
Sembcorp’s shares closed at $6.01 on Dec 30, up one cent or 0.2% from the previous trading day.
