Sembcorp axes S$105 million deal to buy Philippine solar farm developer
It is not acquiring Puente Al Sol due to ‘prevailing market conditions and evolving strategic priorities’
[SINGAPORE] Sembcorp Industries has axed a deal to acquire full ownership of Philippine solar farm developer Puente Al Sol, the Singapore-based energy player announced on Wednesday (Sep 9).
Sembcorp had inked the deal to purchase Puente Al Sol from CleanCurrent Renewable Energy in January 2025, for a sum of S$105 million.
But in a Wednesday bourse filing, Sembcorp said that it had reached a mutual agreement with CleanCurrent to terminate the deal, “in light of prevailing market conditions and evolving strategic priorities”.
Puente Al Sol is developing a 96-megawatt solar farm in the Philippine city of Cadiz.
Sembcorp said that it “remains committed to its disciplined investment approach and renewables pipeline execution strategy”.
The group has 21.8 gigawatts (GW) of gross renewable energy capacity across installed and committed projects. It aims to hit 25GW of installed renewables capacity by 2028, and said that it is “on track” towards this target.
The termination is not expected to have a material impact on Sembcorp’s earnings per share and net tangible assets per share for FY2026 ending Dec 31.
Shares of Sembcorp ended Wednesday at S$6.19, down 0.3 per cent or S$0.02, before the announcement.
