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’
Sembcorp Industries has called off a $105 million deal to acquire Philippine solar farm developer Puente Al Sol, citing "prevailing market conditions and evolving strategic priorities," the company announced on September 9. The Singapore-based energy firm had planned to purchase Puente Al Sol from CleanCurrent Renewable Energy in January 2025.
Puente Al Sol is currently constructing a 96-megawatt solar farm in Cadiz, Philippines. Sembcorp stressed its commitment to a disciplined investment approach and its renewables pipeline execution strategy. The company currently has 21.8 gigawatts (GW) of gross renewable energy capacity across its installed and committed projects, with a goal of reaching 25GW by 2028.
The decision is not anticipated to significantly affect Sembcorp's earnings per share or net tangible assets per share for the fiscal year ending December 31, 2026. Sembcorp's shares closed at S$6.19, down 0.3 percent or S$0.02, following the announcement.
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