Sembcorp adds 196MW of wind, solar in portfolio with Vietnam acquisition deal

It will also acquire a stake in a GELEX unit that owns a hydropower asset.

Sembcorp Industries announced that its wholly owned subsidiary Sembcorp Solar Vietnam Pte Ltd has completed the acquisitions of three out of four subsidiaries of Gelex Group Joint Stock Company (Gelex)

In a statement, Sembcorp said the acquisition added 196 megawatts (MW) of operational wind and solar assets to its portfolio.

Also part of the transaction is Sembcorp's takeover of a 73% stake in a subsidiary of Gelex which owns a 49MW hydropower asset. 

“Upon completion of the entire acquisition, Sembcorp’s gross renewable energy capacity in Vietnam will be 455MW while the group’s gross renewable energy capacity will be 14.4GW,” it noted.

Sembcorp expects to complete the acquisition of the 49MW hydropower asset in the second half of 2024, subject to regulatory approvals.